9911796707
TMI Blog2022 (11) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the directors authorized vide board resolution dated 27.04.2022 for initiation of Corporate Insolvency process in respect of M/s. Rapid Buildwell Ltd., the Corporate Debtor being the Corporate Applicant itself. 2. The Applicant has averred that the company was incorporated on 25.04.2005 as a Public Limited company under the provision of Companies Act, 1956 with the Registrar of Companies N.C.T. of New Delhi and Haryana, bearing CIN No. U45201DL2005PLC135266 and having registered office at D-3, District Centre Saket, New Delhi-110017. The authorized share capital of the company is Rs. 25,00,000/- divided into 2,50,000/-, equity shares of Rs. 10/- each. 3. The Corporate Applicant had availed the unsecured short-term loan ('Facility-I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Six Thousand Twenty-Three Only). 5. The Corporate Applicant is unable to repay/reimburse the abovementioned amount to its creditors. Hence, the present application was filed by the Corporate Applicant, for initiation of corporate insolvency resolution process, under Section 10 of the Insolvency and Bankruptcy Code, 2016. 6. The total outstanding amount due and payable by the Corporate Applicant to its creditors is as under: * Sharan Hospitality Private Limited: Rs. 4,22,75,000/- (Rupees Four Crore Twenty-Two Lacs Seventy-Five Thousand only); * Pawan Impex Private Limited: Rs. 1,02,86,023/- (Rupees One Crore Two Lacs Eighty-Six Thousand Twenty-Three Only); * SVIIT Software Private Limited: Rs. 1,35,000/- (Rupees One Lacs Thirty-Five ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lhi and therefore this tribunal has jurisdiction to entertain and try this application. 10. The present application is filed on the Performa prescribed under Rule 7 of the Insolvency and Bankruptcy Code, 2016 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 r/w Section 10 of the code and is complete. 11. Considering the documents on records and submission made, this Bench is of the view that the Corporate Applicant has defaulted in making payment of its debt to the creditors. Hence, this application is admitted. 12. Sub-section (3) (b) of Section 10 mandates the Corporate Applicant to furnish the name of an Interim Resolution Professional. In compliance thereof, the Corporate Applicant has proposed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22.12.2021 issued by Institute of Insolvency Professionals. 14. As a consequence of the application being admitted, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. 15. We direct the Corporate Applicant to deposit a sum of Rs. 2 lacs (Rs. Two Lacs) with the Interim Resolution Professional, namely Mr. Raman Devarajan to meet out the expenses and perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
