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TMI Blog2022 (4) TMI 1159X X X X Extracts X X X X X X X X Extracts X X X X ..... law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of rupees one lakh stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) No. 978/MB-IV/2019 - - - Dated:- 11-4-2022 - Rajesh Sharma, Member (T) And Kishore Vemulapalli, Member (J) For the Appellant : Sahil Mahajan, Advocate For the Respondents : Shariq Nachan, Advocate ORDER Kishore Vemulapalli, Member (J) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roject EE HEIGHTS . The Corporate Debtor has issued the work orders to the Operational Creditor placed as Exhibit-A on Pg. No. 35-52 of the petition. c) The Operational Creditor has carried the electrical work and issued invoices for the same. The said invoices are placed as Exhibit-B on Pg. No. 53-72 of the petition which were duly received and acknowledge by the Corporate Debtor without raising any dispute and objection. d) The Operational Creditor submits that, out of the total amount of ₹ 1,29,55,033/- the Corporate Debtor has paid the following payments: I. ₹ 58,19,281/- paid directly to the Vendors. II. ₹ 15,94,948/- paid to the Operational Creditor. III. ₹ 18,63,879/- paid to Operatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of electrical work in the year 2011-2012. The Corporate Debtor has paid the total amount and it is denied that, there was any refusal of payment under the work order. v. The Corporate Debtor by letter dated 08.02.2019 has clearly mentioned that, there is no due pending in their books of account. The Corporate Debtor has made the following payment to the Operational Creditor: (a) EEDPL to Rooshay Electricals-₹ 15,94,948. (b) EEDPL to Allied Electricals-₹ 5,83,463. (c) EEDPL to Star Electric-₹ 1,81,424. (d) EEDPL to Azad Electric-₹ 5,23,804. (e) EE Sons to Rooshay Electricals-₹ 21,21,635. (f) EE Sons to Star Electricals-₹ 26,20,519. (g) EE Sons to Pratik Elect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-12-2018 replied stating that firstly, as per the terms and conditions in the contract the Operational Creditor has supplied excess quantity of items and Secondly, claimed excess debt amount. 7. The Operational Creditor replied by its letter dated 14.01.2019 denied the allegations raised by the Corporate Debtor and the same is taken on record. 8. The Corporate Debtor by its letter dated 08.02.2019 denied the allegations raised by the Operational Creditor and the same is taken on record. 9. The Operational Creditor has filed Rejoinder dated 6.02.2020 and the same is taken on record. 10. The Operational Creditor has filed Written Submissions dated 6.1.2022 and the same are taken on record, stating that the as per reply the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the above company petition is liable to be admitted by passing the following order. ORDER (a) The Petition bearing CP(IB) 978/MB-IV/2019 by Rooshay Electricals, (through its proprietor Mr. Mohamed Rafi I. Shaikh, ( the Operational Creditor ), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ebrahim Essa Developers Private Limited (CIN U45202MH2010PTC206044), ( Corporate Debtor ) is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Arvind Kumar Pilla, an Insolvency Professional registered with Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P02571/2021-2022/13937, E-mail: [email protected], is hereby appointed as Interim Resolution Professional in connection with the proposed corporate insolvency resolution process of Ebrahim Essa Developers Private Limited. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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