2019 (7) TMI 1022

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.... the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"]. 2. That, the applicant/operational creditor M/s. Ingram Micro India Private Limited, having identification number U72900MH1996PTC136340 and having its registered office at Pirojshangar, LBS Marg, Vikhroli (W), Mumbai 400 079 is engaged in the business of distribution of IT hardware and software products including telecommunication and office automation equipment etc. 3. That, M/s. Care Office Equipment Limited is a company incorporated under the Companies Act, 1956 on 31.08.1998, having its registered office at 8, Zodiac Square, S.G. Highway, Ahmedabad 380 015, Gujarat State and having identification No. U52399GJ1998PLC034605. That, authorised share cap....

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....ue dated 12.04.2018 for an amount of Rs. 5,90,42,238/- which was returned on 16.04.2018 by the bank with comments "funds insufficient". Under these circumstances, the applicant was compelled to issue demand notice dated 02.05.2018 under Section 138 of the Negotiable Instruments Act, 1881 to the corporate debtor. That, the corporate debtor replied to the demand notice on 19.05.2018. That, the applicant has also filed a complaint under Section 138 of the Negotiable Instruments Act, 1881 before the Ld. Metropolitan Magistrate Court, Vikhroli, Mumbai in the month of June, 2018 which is pending for adjudication. The applicant has submitted details of the debt which is reproduced hereinbelow:- Invoice Date Invoice No. Due on 29.09.201....

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....aring for both the sides. Findings 9. On perusal of the documents it is found that operational debt is due to the Applicant and in support of that operational creditor has annexed invoices as per the details given in preceding para No. 5. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. 10. That, the Application filed by the Applicant is complete in all respects. 11. The applicant/operational creditor has not proposed the name of Interim Insolvency Professional. This Adjudicating Authority hereby appoint Shri Akhilkumar Amrutlal Thakkar, Ak....

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....ing 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; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the....