TaxTMI 
TaxTMI 
2019 (10) TMI 1218
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....s "I & B Code") by the Operational Creditor, viz., M/s. Pranay Dye Chem, through its Partner Mr.Prashant J. Lapasia, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") in respect of M/s. Radhey Foam Pvt. Ltd. (hereinafter referred to as "Corporate Debtor company"). 2. The Corporate Debtor Company, M/s. Radhey Foam Pvt. Ltd., is a company which is registered under the Companies Act, 1956 and having its registered office at Plot No. 143-44, Block N0.166/B, Om Textiles Park-3, Parab Village, Taluka-Kamrej, Surat-394 325, Guajrat, vide CIN: U17214GJ2013PTC073983, date of incorporation 14th March, 2013. The corporate debtor company is engaged in the business of chemicals and dyes. 3. The Nomin....
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....ch debt fell due: Supply of chemicals as set out in the invoice attached to the Demand Notice. Date from which such debt fell due: the above amount fell due on 11th July, 2015. Particulars of Operational Debt is annexed at Exhibit- "1" to this Application. 2 Amount claimed to be in default and the date on which the default occurred (Attach the workings for computation of amount and dates of default in tabular form) Sr No Date Invoice No amount 1 11.06.2015 PD/188 20,78,862/- Total 20,78,862/- Less: Amount Recieved 5,00,000/- On 8th October, 2015 Net Outstanding amount 15,78,862/- Total Outstanding amount of default: Rs. 15,78,862/- (Rupees Fifteen Lakh....
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.... B. to appoint an interim resolution professional; and C. to declare moratorium period for the purposes referred to in section 14 of the Insolvency and Bankruptcy Code, 2016. 8. While the present petition was filed on 16th July, 2018. This Adjudicating Authority issued direction to the petitioner to serve notice to the respondent - corporate debtor company by informing about the date of hearing along with a copy of the present I & B Petition and to file proof of service. However, such service as made by the petitioner returned with postal remark "not found". Thereafter, a substituted service by way of paper publication was directed to be effected in respect of the Respondent- Corporate Debtor. Despite this paper publication, ....
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.....07.2015 to 08.10.2015 is Rs. 1,21,656 on Rs. 20,78,862/- whereas interest is Rs. 10,45,423/- from 08.10.2015 till 11.07.2018. Thus, net outstanding amount as on date of the institution of the petition is Rs. 27,45,941/-. 8. Thereafter the petitioner stated that the present petition is filed well within the period of limitation as the period of limitation will start from the date of the last payment made by the Respondent, i.e. 08.10.2015. 9. Before institution of the present petition, Form No.4 was issued by the Petitioner as per the provisions of Insolvency and Bankruptcy Code, 2016 ('the Code' for the sake of brevity). The said form was served along with copy of invoice (amount for which has remain outstanding) ....
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....is found complete and fit for triggering the Insolvency Resolution Process in respect of Corporate Debtor. Therefore, the present IB Petition, filed under Section 9 of the Code, deserves admission. Hence, it is hereby admitted. 13. In view of the Circular of Insolvency and Bankruptcy Board of India, by providing a panel of Insolvency Professionals to this Bench of NCLT, which meant for Gujarat. This Adjudicating Authority is required to appoint an Insolvency Professional from such panel in a case where no name of Insolvency Professional is proposed by the Operational Creditor. 14. Hence, this Adjudicating Authority hereby appoints Mr.Bhavan Trivedi, having Insolvency Professional Registration. No.IBBI/ IPA-001/IP-P00335/2017- 18/10605....