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TMI Blog2022 (9) TMI 1126X X X X Extracts X X X X X X X X Extracts X X X X ..... It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC, as per the date of filing of this petition. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority hereby admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) No.506/MB-IV/2021 - - - Dated:- 20-9-2022 - Mr. Manoj Kumar Dubey Hon ble Member (Technical) And Mr. Kishore Vemulapalli Hon ble Member (Judicial) For the Petitioner : Ms. Namrata Biyawat, Ld., i/b NB Legal, Advo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor. The Operational Creditor has supplied precious metal to the Corporate Debtor and raised invoices for the same. b) The Operational Creditor submits that, the total of the invoices raised upon the Corporate Debtor amounted to Rs. 93,76,66,651/- which are annexed at pp 30-55 of the petition. Sr. No Date of Invoice Amount (in Rupees) 1. 10.08.2019 2,83,15,833 2. 14.08.2019 2,79,05,416 3. 16.08.2019 1,59,10,382 4. 20.08.2019 2,34,35 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.04.2021. The Corporate Debtor has not filed replied to the Demand Notice. 5. The case of the Corporate Debtor is as under: a. The Counsel for the Corporate Debtor was present at the time of hearing and admitted that he is not able to pay the debts to the Operational Creditor and choose not to file the reply to the main Company Petition despite giving opportunities to file reply in the matter. The Main CP was reserved for order on 15.07.2022. Findings: 6. We have heard the arguments of Learned Counsel for Operational Creditor and Corporate Debtor and perused the records. 7. The Last date of invoice is 23.12.2019 and the date of filing is 06.04.2021 and it is well within the Limitation. This Bench has jurisdiction t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency Resolution Process (CIRP) against Balmukh Goldjewel Multitrading Private Limited ( the Corporate Debtor ), [CIN: U74110PN2016PTC165024], the Corporate Debtor, is admitted. a) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7- 2018/10920. He is appointed as IRP for conducting CIRP of the Corporate Debtor and to carry the functions as mentioned under IBC, the fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. The IRP shall carry out functions as contemplated by Sections 15,17,18,19,20,21 of the IBC. f) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the 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 step ..... X X X X Extracts X X X X X X X X Extracts X X X X
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