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TMI Blog2019 (4) TMI 2168X X X X Extracts X X X X X X X X Extracts X X X X ..... thority) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Bhuwalka Steels Industries Ltd.(Respondent/Corporate Debtor)for committing a default in payment of Rs. 15,46,34,976.18/- (Rupees Fifteen Crore Forty Six Lakhs Thirty Four Thousand Nine Hundred and Seventy Six Only). 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue, are as follows: 1) M/s. Indu Corporation Private Limited (Petitioner/Operational Creditor) is a private limited Company incorporated under the provisions of the Companies Act, 1956 CIN NO.U27104MH2006PTC160932 having its registered office at "Nishuvi", 4th Floor, No. 75, Dr. AnnieBeasant Road, Worli, Mumbai-4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not made and the same remained due. 6) Total Debt/Outstanding of the Corporate Debtor on account of the said invoices from 31.05.2014 to 26.06.2015 for total of Rs.21,03,23,671/-, as on the date of the last invoice. On 31.05.2015, a Debt Balance amount of Rs.10,03,49,783.50/- standing in the name of the Petitioner with its account in Sri Durga Trade Links Pvt. Ltd. (sister concern of the Corporate Debtor) was transferred to the Petitioner's account with the Corporate Debtor. Hence, as on 31.05.2015, the outstanding amount on account of the Invoices was reduced to RS.10,99,73,887.54. This was the last payment made in respect of the payment of the Invoices. 7) The Corporate Debtor, by way of a Written Communication dated 31.05.2015, confi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imbalances and structural problems in the several sectors of the steel industry, including but not limited to issues in the demand and supply markets. The unfavorable global market and negative investor sentiment also contributed to the deep crisis in the steel industry. 3) The Respondent Company is a part of a larger group of Companies in the steel industry. The Respondent Company's business operations and financial ecosystem are connected to and depended on its sister Companies in the steel industry. Due to the general crisis, the respondent and its sister Companies went into severe losses and were unable to discharge many of their payment obligations as and when they became due. 4) The Respondent Company made several attempts to impr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... na Lakhtakia, learned Counsel for Petitioner and Shri Raghuram Cadambi, Learned Counsel for Respondent. We have carefully perused the pleadings of both the parties and also extant provisions of law. 5. Ms. Aradhana Lakhtakia, learned Counsel for the Petitioner, has further submitted that the debt and default in question is not in dispute and the Petition is filed in accordance with law and a qualified IP namely Mr. Shivadutt Bannanje is named as IRP with Registration No. IBBI/IPA-002/IP-N00266/2017- 18/10779, who has also filed written Consent in Form-2 dated 28.02.2018, is eligible to be appointed as IRP, 6. Shri Raghuram Cadambi Learned Counsel for Respondent has inter alia submitted that they are not disputing the debt and default and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted as Interim Resolution Professional, in respect of the Corporate Debtor to carry on the functions as per provisions of Code and various rules issued by IBBI from time to time. 3) The following moratorium is declared prohibiting all of the following, namely: a. 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; b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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