TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Company Petition Granted for CIRP Against Corporate Debtor | Insolvency & Bankruptcy Code</h1> <h3>M/s Harindera Cargo Carriers Pvt. Ltd Versus Aster Building Solutions Pvt. Ltd</h3> The court granted the Company Petition filed by M/s Harindera Cargo Carriers Pvt. Ltd, an Operational Creditor, to initiate Corporate Insolvency ... Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - Existence of debt and dispute or not - HELD THAT:- The Operational Creditor issued Demand Notice dated 06.10.2017 in form No.3 demanding payment of outstanding amount within 10 days from the date of receipt of notice. However, the Corporate Debtor failed to pay the amount due. Further the Bankers of Operational Creditor viz. M/s Kotak Mahindra Bank & HDFC Bank, New Delhi vide their certificates dated 30.10.2017 and 06.11.2017 respectively have certified that they have not vencived the amount from the Corporate Debtor. Despite several reminders, when the Corporate Debtor failed to make payments, the Operational Creditor filed this company petition, seeking to initiate CIRP against the Corporate Debtor - The Company petition is filed under Section 9 of IBC. Petition admitted - moratorium declared. Issues Involved:Initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of Insolvency and Bankruptcy Code, 2016 based on unpaid invoices and non-payment by the Corporate Debtor.Analysis:The Company Petition (CP) was filed by M/s Harindera Cargo Carriers Pvt. Ltd as the Operational Creditor seeking to initiate CIRP against Aster Building Solutions Private Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor transported goods for the Corporate Debtor and raised invoices for the same. Despite granting a 90-day credit period, the Corporate Debtor failed to pay the outstanding amount of &8377; 29,51,923/- along with interest, totaling &8377; 35,42,308/-. A Demand Notice was issued, but the Corporate Debtor did not settle the dues, leading to the filing of the Company Petition.The Adjudicating Authority heard the case on multiple dates and considered the submissions made by Ms. Siri Preethi Duggirala, Advocate, along with Ms. A. Sandhya Rani, Counsel for the Petitioner. The Company petition was filed under Section 9 of the IBC, and an Interim Resolution Professional (IRP) was proposed by the Petitioner. Ms. A. Padmasri, a registered insolvency professional, was nominated as the IRP, who submitted the necessary communication in Form No.2 as required, confirming her registration with ICSI Insolvency Professional.In conclusion, the judgment highlighted the non-payment by the Corporate Debtor despite repeated reminders and the failure to settle the outstanding invoices, leading to the initiation of CIRP by the Operational Creditor. The appointment of an IRP was proposed to oversee the resolution process in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016.
TaxTMI 
TaxTMI 
