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TMI Blog2022 (10) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... a Polad Private Limited called as Corporate Debtor by invoking the provisions of Section 9 Insolvency and Bankruptcy code (hereinafter called "Code" read with rule 6 of Insolvency & Bankruptcy (Application to Adjudication Authority) Rules, 2016 for a Resolution of Operational Debt of Rs. 29,36,052/- including interest on delay of payment. 2. The Petitioner attached the following documents, to demonstrate the existence of Debt: a. Invoices raised by the Operational Debtor along with delivery challans; b. Post-dated cheques; c. Memorandum of Understanding, dated 15.09.2017; d. Financial Statements of the Corporate Debtor; e. Demand Notice dated 31.12.2018. Facts of the case: 3. The Petitioner submits that, for the period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Understanding, dated 15.09.2017 ("said MoU"). The MoU was entered between V.K. Enterprises through its proprietor, Mr. Vithal K. Akkar and the Operation Creditor, M/s Laxmi Corporation. Mr. Vithal K. Akkar was one of the Director of the Corporate Debtor. Under the said MoU, the Director of Corporate Debtor agreed to make payment before or upto 31.03.2018, with interest 18%, from 30.06.2015 on the outstanding amount stated in the MoU. The MoU also revealed that if the Corporate Debtor fails to make the payments, then the Corporate Debtor will make registration of sale deed of a Property, of V.K. Enterprises, Plot No. W-8-B, MIDC, Jalna in favour of Mr. Suresh M. Rungta the authorized person of the Operational Creditor, and hand over to him ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication is not barred by law of Limitation. Findings 9. The Corporate Debtor did not choose to file any reply contesting the above Company Petition, and also has not complied with this Tribunal order dated 13.06.2022 in which the Corporate Debtor was directed to appear and if he failed to appear, then Corporate Debtor matter will be set ex-parte and the case would be heard on merits. However, the Corporate Debtor did not appear before this Bench on the appointed date i.e. 22.07.2022. 10. Heard the counsel appearing for the Operational Creditor. The Ld. Counsel appearing for the Operational Creditor invited the attention of this Bench to the various purchase orders, invoices annexed to the Company Petition basing on which the above Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition is admitted by passing the following: ORDER A. The above Company Petition No. (IB) 749 of 2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Ambica Polad Private limited B. 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. Avil Jerome Menezes, Insolvency Professional, Registration No : IBBI/IPA-001/IP-P00017/2016-2017/10041, having Email id [email protected] and contact number- 9930061720 as the interim resolution professional to carry ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as may be notified by the Central Government in consultation with any financial sector regulator. G. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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