2019 (9) TMI 589

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ate Limited Code, 2016 [hereinafter referred 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 o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....otice issued by the operational creditor and the notice has been replied by letter dated 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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....onal debt is due to the Applicant. That, service is complete and no dispute has been raised by the respondent. That, 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. 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 (v_id_vans@hotma....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 corporate debtor. 17. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or s....