9911796707
TMI Blog2022 (6) TMI 778X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority is inclined to commence CIRP against the Corporate Debtor as envisaged under IBC, 2016. Application admitted - moratorium declared. - CP No. (IB)- 02/9/JPR/2022 - - - Dated:- 25-5-2022 - SHRI DEEP CHANDRA JOSHI, HON BLE JUDICIAL MEMBER And SHRI RAGHU NAYYAR, HON BLE TECHNICAL MEMBER For the Operational Creditor : A. K. Babbar, Adv. For the Corporate Debtor : Surendra Kumar, Adv. ORDER Per : Shri Raghu Nayyar, Hon ble Technical Member 1. This Application has been filed by Mr. Pawan Garg, proprietor of M/s V.R. Trading Company ( Operational Creditor / Applicant ) under Section 9 of the Insolvency and Bankruptcy Code, 2016 ( Code / IBC ) read with Rule 6 of Insolvency and Bankruptcy (Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 42,67,140/- (Rs. Forty-Two Lakh Sixty-Seven Thousand One Hundred Forty Only) is due. The goods were sent to the aforementioned Corporate Debtor s registered office. Copy of the sale invoices raised on the Corporate Debtor is annexed in Annexure P3 (Colly) of the Application. 5. As the Corporate Debtor did not pay the amount, the Applicant issued a Demand Notice dated 08.11.2021 under Section 8 of the Code on 19.11.2021 for the payment of money alongside interest, with interest calculated at the rate of 21% per annum, as an outstanding amount, which is enumerated in Part IV of the Form - 5 filed with the Application: PART IV Particulars of Operational Debt The total amount of debt, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid Application, and Mrs. Pinki Aggarwal, in the capacity of lone director of Corporate Debtor, Respondent No. 2, filed a reply vide Diary No. 558/2022 dated 28.02.2022 and submitted that due to the death of her husband and director of the company, Sh. Virendra Kumar, because of Covid-19 on 03.05.2021 at Delhi, the company s business is suspended, and the factory premises are lying idle. The electric connection is also disconnected; there is no business activity going on at present; and no employees working on the company s payroll except a security guard. 9. She further submitted that the business conducted by the company is of running the furnace and melting iron scrap into ingots, and the entire enterprise was under the car ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with Rules made thereunder. The Applicant shall provide a copy of the Application, if not provided already, along with this order to IBBI for its records. 13. The IRP is directed to take all such steps as are required under the statute, inter-alia in terms of Sections 15, 17, 18, 19, 20, and 21 of the Code, and transact proceedings with utmost dedication, honesty and strictly under the provisions of the Code, and Rules and Regulations thereunder. 14. Consequences of commencement of CIRP shall be inter-alia as follows: (i) The IRP appointed by the Adjudicating Authority, Mr. Arun Chadha, is directed to take over the affairs of the Corporate Debtor and duties as required to be performed by him under the provisions of the Code, inclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 of the Code, this order shall be communicated at the earliest, not exceeding one week from today, to the Applicant, Corporate Debtor, as well as the IRP appointed by this Adjudicating Authority to carry out CIRP. A copy of this order shall also be communicated to IBBI for its records. 15. Copy of this order be supplied to the parties. The Applicant and his counsel are directed to serve a copy of this order along with a copy of the Application and documents on the Interim Resolution Professional by all modes for information. 16. The Registry is directed immediately to send a soft copy of the instant Application along with this order to the IRP nominated on his e-mail id. Accordingly, CP No. (IB)- 02/9/JPR/2022 is admitted. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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