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TMI Blog2022 (7) TMI 870X X X X Extracts X X X X X X X X Extracts X X X X ..... cy & Bankruptcy Code, 2016 (IBC) by Vikash Parasprampuria Sole Proprietor of Chiranjilal Yarn Traders, ("the Operational Creditor"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bombay Rayon Fashions Limited ("the Corporate Debtor"), [CIN: L17120MH1992PLC066880]. 2. The Corporate Debtor is a company incorporated on 21.05.1992 under the Companies Act, 1956, as a public company limited by shares with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is L17120MH1992PLC066880. Its registered office is at 3rd Floor, DLH Mangal Murti Building, Linking Road, Santacruz (West) Mumbai-400054. Therefore, this Bench has jurisdiction to deal with the present petition. 3. The present peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... STSL/4064 16/01/2020 26,01,300 3,12,156 29,13,456 18/01/2020 7. GSTSL/4114 21/01/2020 13,70,685 1,64,482 15,35,167 23/01/2020 8. GSTSL/4176 25/01/2020 9,00,450 1,08,054 10,08,504 09/02/2020 9. GSTSL/4257 01/02/2020 3,30,165 39,620 3,69,785 03/02/2020 TOTAL 2,02,26,017 c) The Operational Creditor submits that, the Corporate Debtor accepted the goods without any demur or any protest or dispute there by further made Part Payments on the invoices. The details of the invoices are as follows: I. Sr. No 5 to 9 the Corporate Debtor has failed to make any payment. II. Sr. No 4 has made only part payment. III. For remaining 3 invoices the Corporate Debtor has made payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed and the same is taken on record. The case was extensively argued by Counsel from both the sides. 6. The Last date of invoice is 01.02.2020 and the date of filing is 30.12.2020 and it is well within the Limitation. This Bench has jurisdiction to deal with this Company Petition. 7. It is observed by the Bench that the Corporate Debtor had time and again by its letter, invoices and by making part payment acknowledged its liability. Therefore, the Petition made by the Operational Creditor is complete in all respects as required by law There is default by the Corporate Debtor in payment of debt amount. Therefore, we find that it is a fit case for initiation of CIRP against the Corporate Debtor, and that the petition is filed withi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. b) Notwithstanding the above, during the period of moratorium, - (v) The supply of essential goods or services to the corporate debtor, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. g) The Operational Creditor shall deposit a sum of Rs.5,00,000/- (Rupees five lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). h) The Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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