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TMI Blog2022 (10) TMI 382X X X X Extracts X X X X X X X X Extracts X X X X ..... ertifying that the account of the Applicant held in the said bank has not received the sum of Rs. 97,65,235 or any part thereof, from the Corporate Debtor, between 08.06.2017 to 10.05.2019, is also attached. Further, the Applicant has complied with all the requirements as stipulated under the provisions of the Code, 2016, for the purpose of initiating the CIRP against the Corporate Debtor. In these circumstances, it is satisfying that the Applicant has proved its case by placing evidence with regard to the debt owed by the Corporate Debtor and its default. Threshold limit of amount involved in the appeal - HELD THAT:- It may be of some significance to note here that the total amount of debt that is due in the instant Application is bel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22 - Telaprolu Rajani, J. (Member (J)) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Manav Gecil Thomas ORDER 1. Under consideration is an Application filed by M/S. Gauri Agrotech Products Private Limited (hereinafter referred to as the Applicant/Operational Creditor ) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code, 2016 ), read with Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred to as CIRP ) against M/S. Nexus Well-Hope Agri Tech International Limited (hereinafter referred to as the Respondent/Corporate Debtor ). 2. Brief fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngalore and Rs. 37,09,510/- is towards 20 invoices raised on supply to the unit in Coimbatore. (f) The Applicant issued a demand notice, dated 27.04.2019, under Section 8 of the Code, 2016, to the Corporate Debtor), claiming the aforementioned amount and informing it that any further delay in payment would result in the institution of the application for the initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor. (g) The Corporate Debtor replied to the said demand notice, raising baseless charges about the quality and quantity of the goods that had been supplied by the Applicant. Such complaint has never been raised previously and hold no water under the Code, 2016. (h) Therefore, there exists ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leared by the Corporate Debtor. Further, the Applicant had issued a demand notice, as mandated by Section 8 of the Code, 2016. Such notice had been received and replied to, by the Corporate Debtor. A certificate issued by the HDFC Bank, Jalna Branch, certifying that the account of the Applicant held in the said bank has not received the sum of Rs. 97,65,235 or any part thereof, from the Corporate Debtor, between 08.06.2017 to 10.05.2019, is also attached. Further, the Applicant has complied with all the requirements as stipulated under the provisions of the Code, 2016, for the purpose of initiating the CIRP against the Corporate Debtor. In these circumstances, we are satisfied that the Applicant has proved its case by placing evidence with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Process which shall ordinarily get completed within the timelines stipulated in the Code, 2016, reckoning from the date of this order. 9. No name has been proposed with regard to the Interim Resolution Professional (hereinafter referred to as the IRP ), who has to be appointed and it has been left to the discretion of this Tribunal. Hence, we appoint Mr. Maheswara Rao Gokada, bearing Registration No. : IBBI/IPA-003/IP-N00381/2021-2022/13921, E-Mail ID: [email protected], from the list of the panel of the Insolvency and Bankruptcy Board of India (for 01 July, 2022 to 31 December, 2022), as the IRP for the Corporate Debtor. The IRP is directed to file his consent and the Authorisation for Assignment within three days from the date o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. 12. However, the supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X
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