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TMI Blog2022 (6) TMI 1183X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor is in default of a debt that is due and payable, and the default is more than the threshold amount as stipulated under section 4(1) of the Code at the relevant time. The default stands established and there is no reason to deny the admission of the present Application. In the light of the facts stated in the application and the evidence placed on record, this Adjudicating Authority admits this Application and orders initiation of CIRP against the Corporate Debtor - Application allowed. - C.P. (I.B) No. 25/KB/2022 - - - Dated:- 9-6-2022 - Rajasekhar V.K., Member (J) And Balraj Joshi, Member (T) For the Appellant : Aparijita Rao and Sutapa Mitra , Advocates ORDER Balraj Joshi , Member ( T ) 1. This Court conv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h unit came into existence leading to shortage of strips of bamboo which was raw material for Corporate Applicant, leading to operations below the break even point, which in turn led to losses. Corporate Applicant operated the unit for little more than five years but had to ultimately shut the unit due to severe financial crunch which led to default in repaying its liabilities. 5. The reasons for applying for initiation of the CIRP by the Corporate Applicant are as follows:- 5.1. The Corporate Applicant defaulted in payment to Indian Bank, loan has been reassigned to Reliance Asset Reconstruction Company Limited. 5.2. The loan account was declared as NPA and thereafter assigned to Reliance Asset Reconstruction Company Limited. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted his written communication in Form 2. The written communication is annexed to the Petition and marked as Annexure-D on Pages 51-53. 10. We have heard the learned Counsel appearing for the Corporate Applicant and have perused the documents on record. 11. There is no dispute from any quarter towards the fact that the debt is due and payable by the Corporate Applicant to various creditors and that the Corporate Applicant is unable to pay the same. 12. The Corporate Applicant has furnished the books of accounts for the relevant period under section 10(3)(a); the Corporate Applicant has proposed the name of the IRP who has submitted its written consent (section 10(3)(b)); the Corporate Applicant has also filed the Special Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (e) As per the proposal given by the Corporate Applicant, Mr. Neeraj Kejriwal (Regn. No. IBBI/IPA-001/IP-P00392/2017-2018/10710), having email id. [email protected] is appointed as the IRP for ascertaining the particulars of Creditors and convening a Committee of Creditors for evolving a Resolution Plan. (f) During the CIRP period, the management of the Corporate Person shall vest in the IRP or the RP, as the case may be, in terms of section 17 of the IBC. The officers and managers of the Corporate Person shall provide all doc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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