9911796707
TMI Blog2022 (8) TMI 712X X X X Extracts X X X X X X X X Extracts X X X X ..... ny Petition satisfies all legal requirements for admission - Petition admitted - moratorium declared. - C. P. No. 167/IBC/MB/2022 - - - Dated:- 10-8-2022 - Hon ble H. V. Subba Rao , Member ( Judicial ) And Hon ble Anuradha Sanjay Bhatia , Member ( Technical ) For the Applicant: Ms. Prapti Mehta For the Respondent: None appeared ORDER Per : Shri H. V. Subba Rao , Member ( Judicial ) 1. The above Company Petition is filed by M/s. Igawara India Private Limited hereinafter called as Operational Creditor seeking to initiate of Corporate Insolvency Resolution Process (CIRP) against M/s. Emirerri Steel Manufacturer Private Limited called as Corporate Debtor by invoking the provisions of Section 9 Insolvency and Bankrup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor herein approached the Operational Creditor to supply steel products to the tune of approximately Rs. 2 crores. It was further requested by the Corporate Debtor that the credit period of 45 days be maintained for payments and that though the Invoices will be raised by the Corporate Debtor, the delivery be made to the Joint Venture Unit in Chennai at Door No. 564, Kelambakkam, Vandalur Road, Pudupakkam Post, Chennai-603103. 5. The Operational Creditor further submit that, it was mutually understood between the parties that the terms of the Corporate Debtor would be accepted, subject to a payment of Rs.50 lakhs being done in advance to the Operational Creditor and the subsequent payments being done later; the same was agreed to by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e payments are received by the Operational Creditor herein. Through several emails it has been specifically admitted by the Corporate Debtor that payments are due and the same would be paid to the Operational Creditor in due course of time; however, they demanded that the interest component be waived off by the Operational Creditor, subsequent to which they would release the payments. 8. The Operational Creditor further submit that, despite continuous attempts and talks between the parties, no payments have been received by the Operational Creditor till date. Owing to the default in payment by the Corporate Debtor, the Operational Creditor issued a Demand Notice under Form 3 Form 4 dated 15.11.2021 to the Corporate Debtor herein which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Corporate Debtor is liable to make the payment of a sum Rs.1,06,70,027.02/- as on 25.10.2021 along with interest @ 21% till date of receipt of payment by the Operational Creditor. FINDINGS 1. The Corporate Debtor did not choose to file any reply contesting the above Company Petition despite taking adjournments and also not complied the conditional order dated 05.04.2022 by filing reply within time as directed by the Bench. Therefore, the corporate debtor s right to file reply was forfeited on 29.04.2022. On 16.06.2022, Ld. Counsel appearing for the Corporate debtor, Mr. Suryakant Chaudhari made a statement that his client is willing to settle the matter and therefore the matter was posted from 16.06.2022 to today i.e. on 04 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Since the Operational Creditor has not suggested the name of IRP to perform the duties of the Interim Resolution Professional (IRP) in the petition, this Bench is appointing the IRP from the list furnished by the Insolvency and Bankruptcy Board of India (IBBI). This Bench hereby appoints Mr. Suresh Chandra Jena ([email protected]), Insolvency Professional, Registration No: IBBI/IPA-001/IP-P01540/2019-2020/12473 as the interim resolution professional to carry out the functions as mentioned under the Insolvency Bankruptcy Code, 2016. c. The Operational Creditor shall deposit an amount of Rs.5 Lakhs towards the initial CIRP costs by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. j. Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Master Data of the Corporate Debtor. Accordingly, this Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
