TaxTMI 
TaxTMI 
2019 (6) TMI 1246
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....red to as "I & B Code") read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The definition of Corporate Applicant includes Corporate Debtor as per Section 5(5) of the Code. Therefore, the Corporate Applicant/Corporate Debtor seeks relief to initiate Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") in respect of itself, i.e., M/s. Bhoomi Ginning Pressing Pvt. Ltd. (hereinafter referred to as "Corporate Debtor company"). 2. The registered office of the Corporate Applicant/Corporate Debtor company is situated at, Survey No.323, Jasdan-Atkot Road, Village-Atkot, Taluka-Jasdan, Dist. Rajkot (Guj.) - 360001. The Corporate Applicant company was incorporated on 13th da....
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....hing (P.) Ltd. 22,800/- 2 Guhan Textile Mills Pvt. Ltd. 6,921/- 3 Kavya Trading Co. 2,39,938/- 4 KPR Mill Ltd. (Karmathampatti) 94,049/- 5 KPR Mill Ltd. (5) 57,501/- 6 Parani Spinning Mills Pvt. Ltd. 3,648/- 7 Vijay Cotton Agencies 71,980/- 8 Sellmore Agency 14,243/- 9 Spectrum International Pvt. Ltd. 25,001/- 5,36,081 6. The Corporate Applicant has given in Part-III the details of the securities, i.e. charged properties as well as the hypothecated assets, held by the State Bank of India, the financial creditor, for availing the credit facilities. 7. The Corporate Applicant filed statement of accounts for the current year and for the last....
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.....2017 to it for One Time Settlement. 11. In view of the above given facts and circumstances of the case, as the Corporate Applicant states that it is unable to pay off its debts, hence, prayed for initiation of CIRP in respect of itself. 12. By this present application, the Corporate Applicant has proposed the name of Mr.Vinod Tarachand Agrawal, Registration No.IBBI/IPA-001/IP-P00641/2017-2018/11090, as an Interim Resolution Professional. It has further annexed a copy of the written communication received from the proposed Interim Resolution Professional in Form-2, showing his willingness to accept such assignment to act as IRP. 13. In response to the present application, respondent - Financial Creditor, i.e. State Bank of India, a....
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....ied; and (b) the resolution professional proposed to be appointed as an interim resolution professional; and of the corporate debtor, as the case may be, approving filing of the application. (4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order- (a) admit the application, if it is complete (b) reject the application, if it is incomplete Provided that Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority. (5) The corporate insolvency resolution process shal....
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....ct of the Corporate Applicant/Debtor Company with following consequential orders/directions: i) That the order of Moratorium under Section 14 of the Code shall have effect from 04.04.2019 till the completion of Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for Liquidation of Corporate Debtor under Section 33 as the case may be. ii) That this Adjudicating Authority hereby appoint Mr. Vinod Tarachand Agrawal, having IP Registration No. IBBI/IPA-001/IP-00641/2017-2018/11090 and residing at 204, Wall Street-1, Near Gujarat College, Ellisbridge, Ahmedabad-380 006, Gujarat, appointed as "Interim Insolvency Resolution Professional" t....