TaxTMI 
TaxTMI 
2019 (4) TMI 940
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....nd Bankruptcy Code, 2016 ("the Code") against the Respondent Company Maxout Infrastructures Private Limited for the alleged default of the Respondent Company in clearing the debt of Rs. 60,54,582/- along with interest at 24% p.a. for the supplies of Ready-Mix Concrete ("RMX") effected by the Applicant. The transaction leading to the filing of this application is as follows: i. It is stated that the Applicant had supplied RMX to the Respondent Company's site at Air Force Nawal Housing Board, Jhotwara at Jaipur. ii. The said supplies were made on the basis of purchase orders issued by the Respondent to the Applicant and various invoices were raised on the Respondent by the Applicant from April, 2014 to November, 2015. ....
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....015 17,00,000 IDBI Total 47,00,000/- ii. It is most humbly submitted that the Respondent has made the entire payment to the Applicant through its bank account and through the bank account of its joint venture company namely M/s. VIIPL MIPL JV. The Applicant has deliberately produced an incorrect statement of account with respect to the payment made by the Respondent to the Applicant and suppressed the entire details of the payment made by the Respondent. iii. The Applicant wrongly in the computation reflected only an amount of Rs. 93,52,625/- as paid by the Respondent to the Applicant from 05.11.2014 to 06.08.2015. On the contrary, the Respondent has paid a total sum of Rs. 1,40,29,400/- bet....
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....idered expedient to give an opportunity to the parties for reconciliation of their accounts and accordingly they were directed to meet at the Respondent Company's office. 6. During the hearing on 04.12.2018, the Respondent brought to the notice of this Tribunal that a petition has been filed by M/s. Ultra Tech Cement Ltd., against the Respondent initiating winding up proceedings. However, the appointment of an Official Liquidator has been kept in abeyance by the Hon'ble High Court of Delhi. The learned counsel for the Applicant submitted that the pendency of the proceedings before the Hon'ble High Court of Delhi would not be a bar to initiation of the CIRP of the Respondent Company. 7. The case was listed for final argumen....
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....CIRP of the Respondent Company. 10. Since the Applicant has not named the Insolvency Resolution Professional, this Tribunal based on the list furnished by Insolvency and Bankruptcy Board of India appoints Anup Kumar, with registration number IBBI/IPA-002/IPN-00333/2017-18/10911 (email - [email protected], Mobile No. 9811622913) as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against such an IRP named who may act as an IRP in relation to the CIRP of the Respondent and specific consent is filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 in relation to specifically the Respondent and the Operational Creditor h....
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....sions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 12. The duration of the period of moratorium shall be as provided in Section 14(4) of IBC, 2016 and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of respondent under section 33, the moratorium shall cease to have ef....