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TMI Blog2022 (7) TMI 1421X X X X Extracts X X X X X X X X Extracts X X X X ..... obal pandemic, the growth of the business has been hampered a lot, and it is passing through a significant financial crisis. It also stated that it does not want to shy away from its obligation and will pay the entire amount; however, it requires an extension of time. It has been shown that the Corporate Debtor has failed to make payment of the aforesaid amount due till date as mentioned in statutory notice. It is also observed that the condition under Section 9 of the Code stands satisfied. Hence, this Adjudicating Authority is inclined to commence CIRP against the Corporate Debtor as envisaged under IBC, 2016. Application admitted - moratorium declared. - CP No. (IB)- 97/9/JPR/2021 - - - Dated:- 28-7-2022 - Shri Deep Chandra Jos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 2,25,00,000/- (Rs. Two Crore Twenty-Five Lakhs Only). The registered office of the Corporate Debtor is in District Bikaner, Rajasthan. This Adjudicating Authority has jurisdiction to decide the instant Application of the Operational Creditor. 4. The Applicant sold food articles like wheat, maize, barley, etc., to the Corporate Debtor through a total of 18 invoices from 16.08.2021 to 09.09.2021, whereby a principal amount of Rs. 1,12,09,157/- is due for the goods that were sent to the aforementioned Corporate Debtor s registered office. The copy of the sale invoices raised on the Corporate Debtor is annexed in Annexure-C (Colly) of the Application. 5. As the Corporate Debtor did not pay the amount, the Applicant issued a demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no proceedings are pending before the court of law regarding the supply of goods. Moreover, the Applicant has attached the Bank Statement for the period of 01.08.2021 to 03.12.2021, showing that the Corporate Debtor has tendered no payment. Copy of the Bank Statement is annexed at Annexure 4 (Colly) of the Application. 8. Notices were issued in the aforesaid Application. The Corporate Debtor filed its reply vide Diary No. 437/2022 dated 16.02.2022, acknowledging the debt. It is stated that it is not wilfully defaulting the payment and intend to repay the said amount, and the same is evident from its commitment to making payment by confirming the outstanding dues via its Ledger Account (01.04.2021 to 10.11.2021) forwarded by the Operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xercise all the powers enumerated under the Code read with Rules made thereunder. The Applicant shall provide a copy of the Application, if not provided already, along with this order to IBBI for its records. 12. The IRP is directed to take all such steps as are required under the statute, inter-alia in terms of Sections 15, 17, 18, 19, 20, and 21 of the Code, and transact proceedings with utmost dedication, honesty and strictly under the provisions of the Code, and Rules and Regulations thereunder. 13. Consequences of commencement of CIRP shall be inter-alia as follows: i. The IRP appointed by the Adjudicating Authority, Ms. Parul Goyal, is directed to take over the affairs of the Corporate Debtor and duties as required to be perf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n terms of Section 9 of the Code, this order shall be communicated at the earliest, not exceeding one week from today, to the Applicant, Corporate Debtor, as well as the IRP appointed by this Adjudicating Authority to carry out CIRP. A copy of this order shall also be communicated to IBBI for its records. 14. Copy of this order is to be supplied to the parties. The Applicant and his counsel are directed to serve a copy of this order along with a copy of the Application and documents on the Interim Resolution Professional by all modes for information. 15. The Registry is directed immediately to send a soft copy of the instant Application along with this order to the IRP nominated on her e-mail id. Accordingly, CP No. (IB)- 97/9/JPR/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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