9911796707
TMI Blog2022 (4) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Process (hereinafter referred to as the "the CIRP") against the M/s. Innovative Tyres and Tubes Limited - the Corporate Debtor on the ground that the Corporate Debtor committed default in paying the operational debt of Rs. 3,06,37,015/- (Rupees Three Crore Six Lakh Thirty-Seven Thousand Fifteen Only). The date of default is stated to be 09.11.2021. 2. The registered office of the Corporate Debtor is situated at Panchmahal-Gujarat. Hence, this application is within the jurisdiction of this Adjudicating Authority. 3. It is submitted that the Corporate Debtor approached the Operational Creditor and placed order for supply of natural rubber, fabric, carbon, zinc etc. In pursuance of the purchase orders, the Operational Creditor supplied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.2021. 5. It is further submitted by the Operational Creditor that in compelling circumstances, the notice of demand under Section 8 of the IBC, 2016 for the payment of Rs. 3,06,37,015/- was issued to the Corporate Debtor on 17.11.2021 and the same was delivered to the Corporate Debtor on 22.11.2021 (at page 91 to 97 of this application). The Corporate Debtor neither paid the outstanding amount nor replied to the demand notice. Hence, this application is filed by the Operational Creditor to initiate the CIRP against the Corporate Debtor. 6. Learned Counsel for the Corporate Debtor appeared and filed its reply on 09.02.2022 wherein he admitted the debt and further submitted that due to severe financial crunch, the Corporate Debtor was un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is also noted that the Corporate Debtor has acknowledged the debt on 31.10.2021 and also proposed to pay the outstanding amount in a phased manner wherein the first installment of the commitment was to be paid by the Corporate Debtor on 09.11.2021 which was not paid by the Corporate Debtor. The Demand Notice was issued to the Corporate Debtor on 17.11.2021 which was delivered on 22.11.2021 but the Corporate Debtor neither paid the outstanding amount nor raised any dispute/replied to the said demand notice. The Corporate Debtor also admitted the default amount in its reply to the instant application dated 09.02.2022. 9. It is also noted that the present application is well within the limitation and also meets the threshold limit as given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicating Authority hereby appoints proposed name of IRP, CA Mr. Abhishek Nagori, Chartered Accountant, having Registration No. IBBI/IPA-001/IP-P-00020/2016-17/10044 and having e-mail id: [email protected] to act as an IRP under Section 13(1)(c) of the IBC, 2016. 4. The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with the Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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