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TMI Blog2022 (5) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... itor. The corporate Debtor in its reply dated 12.03.2020 has clearly admitted the amount of Rs. 15,20,526/- and also admitted that there is no previous dispute in respect to the service of goods. The instant petition is otherwise defect free and meets the threshold limit as prescribed under Section 4 of IBC as in this petition the claim amount is Rs. 15,20,526/- and the present petition was filed on 10.01.2020 i.e. prior to the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, whereby the default amount is raised up to Rs. 1,00,00,000/- from Rs. 1,00,000/- as per Section 4 of the IBC. In view of the discussion, it is found that the present IB Petition is complete and fit for triggering the Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the Operational Creditor deals in the business of Textile Manufacturing. In between 09.09.2017 to 11.12.2017, the Corporate Debtor availed textile services from the Operational Creditor. The Operational Creditor raised various invoices. The invoices are annexed with the petition as Annexure-II (A) to II (P). 4. It is submitted that the Operational Creditor annexed the transport challan evidencing supply of goods to P.G. Silk Mills Private Limited totalling to Rs. 15,20,526/-. In spite of repeated demands, the Corporate Debtor failed and neglected to clear the outstanding amount. On 20.12.2019, Operational Creditor has sent an e-mail demanding outstanding payment, which was not replied by the Corporate Debtor. Hence, on 20.12.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect to the service of goods. 8. The instant petition is otherwise defect free and meets the threshold limit as prescribed under Section 4 of IBC as in this petition the claim amount is Rs. 15,20,526/- and the present petition was filed on 10.01.2020 i.e. prior to the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, whereby the default amount is raised up to Rs. 1,00,00,000/- (Rupees One Crore) from Rs. 1,00,000/- (Rupees One Lakh) as per Section 4 of the IBC. 9. In view of the above stated discussion, it is found that the present IB Petition is complete and fit for triggering the Insolvency Resolution Process in respect of Corporate Debtor. Therefore, the present IB Petition, filed under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency Bankruptcy Code, 2016, as the case may be. 4) We hereby appoint Mr. Pankaj Prabhudayal Goenka having Registration No. IBBI/IPA-001/IP-P-02129/2021-22/13903, (E-mail ID: [email protected]) to act as an IRP under Section 13(1) (c) of the Code. He shall conduct the Corporation Insolvency Resolution Process as per the provision of Insolvency and Bankruptcy Code, 2016 r.w. Regulation made thereunder: 5) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the IRP within two weeks from the date of receipt of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process (CIRP) and IRP to file proof of receipt of such amount to this Adjudicating Authority along with First Progress Report. Subsequently, IRP may raise further demands for Interim funds, which shall be provided as per Rules. 8) The Registry is directed to communicate a copy of this order to the Operational Creditor, Corporate Debtor and to the Interim Resolution Professional and the concerned Registrar of Companies, after completion of necessary formalities, within seven working days and upload the same on website immediately after pronouncement of the order. 10. Accordingly, CP(IB) No. 73/9/NC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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