2019 (9) TMI 589

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....red to as "the Code"] read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Special Prints Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor M/s. Andromeda Textiles and Trading Private Limited is a private limited company having identification number U17110GJ2005PTC045606, having its registered office at International Trade Centre, Majura Gate, Ring Road, Surat 395 002, Gujarat. 3. That, the respondent/corporate debtor M/s. Special Prints Limited is a company incorporated under the Companies Act, 1956 on 26.03.1985 and having its registered office at Garden Mills Complex, Sahara Gate, S....

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....d 22.03.2019. It is further stated in the reply that the corporate debtor is indebted to the operational creditor for the amount of Rs. 3,09,55,708/-, however, inspite of there being desire to clear the entire outstanding of Rs. 3,09,55,708/- of the operational creditor, presently the corporate debtor is not in a position to pay the said outstanding. Findings: 7. On perusal of the record, it is found that the corporate debtor has acknowledged the demand notice issued by the operational creditor and has admitted the debt. Moreover, during the course of hearing the learned lawyer appearing on behalf of the respondent also admitted the claim due to the petitioner. 8. On perusal of the material available on record it is also found that, the ....

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....licant 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. 12. That, the Application filed by the Applicant is complete in all respects. 13. The applicant/operational creditor has proposed the name of Mr. Narayan Gajanan Vidvans to act as Interim Resolution Professional. This Adjudicating Authority hereby appoint Mr. Narayan Gajanan Vidvans604-B, Shiv Kartik Enclave, Opp. Shrungar Residency, VIP Road, Vesu, Surat 395 005, Gujarat State ([email protected]) having registration No. IBBI/IPA-002/IP-N00378/2017-18/11121 to act as an interim resolution professional under Sect....