2019 (9) TMI 1294

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....ate Limited (for brevity 'Applicant') claiming to be an Operational Creditor with a prayer for initiation of Corporate Insolvency Resolution Process against Rajasthan Drugs & Pharmaceuticals Ltd. (for brevity ("Corporate Debtor"). This Application is filed through Mr. Akram Kelkar an Authorised Representative of the Applicant, authorised vide Board Resolution dated 21.06.2018. 2. The Applicant is a Private Limited Company incorporated under the provisions of Companies Act, 1956 having its Registered Office at 404 Global Chambers, Off Link Road, Adarsh Nagar, Andheri (W), Mumbai-400053 (Maharashtra). 3. The Corporate Debtor is a Central Government Public Limited Company incorporated under the provisions of Companies Act, 1956 o....

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....e any payment after receiving the demand notice. The Applicant therefore filed present application under section 9 of IBC, 2016 and duly served copy of the application to the Corporate Debtor. 7. The total amount claimed by the Applicant as mentioned in Part-IV is a sum of Rs. 9,87,988.35/- as an outstanding amount which is due and payable by the corporate debtor as described below: Amount claimed to be in default and the date on which the default occurred. The amount claimed to be in default as on date is Rs. 9,87,988.35 (Rupees Nine Lakh Eighty Seven Thousand Nine Hundred Eighty-Eight and Thirty-Five Paisa Only). The debt fell due from 24.12.2015 and 14.01.2016 which is continuing. 8. The Corporate Debtor has field a reply vid....

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....r shall be met by the Corporate Debtor through budgetary support if approved by the Government of India. It is further stated that the Applicant may meet the authorities of Corporate Debtor for One Time Settlement. However, no action in this regard has been reported by the Corporate Debtor or brought to the notice of the Tribunal by any of the parties. 11. It was further submitted in the reply of the Corporate Debtor that the agreement dated 20.11.2015 contains the Arbitration. Clause in Para 17 which is reproduced herein below: "17. Arbitration- Any dispute or difference which may arise between parties or their representatives out of or in connection with or with regard to the constructions, meaning and effect of this agreement....

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....erim Resolution Professional ('IRP'). He is qualified Resolution Professional with no IBBI restraint and has given his consent in Form 2 to act as IRP. In view of the same, this Tribunal appoints Mr. Mahendra Prakash Khandelwal having Registration No. IBBI/IPA-002-IP-N00446/2017-18/11275 and email address [email protected] and contact number 9828046652, as the IRP of the Respondent the IRP is directed to take all such steps as are required under the statute, inter alia in terms of Sections 15, 17, 18, 19, 20 and 21 of the Code. 14. The consequences of initiation of CIRP shall be inter alia, as follows; (i)    The Resolution Professional, Mr. Mahendra Prakash Khandelwal, having Registration No. IBBI/IPA....

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....-002/IP-N00446/2017-18/11275, is hereby appointed as the Interim Resolution Professional (IRP) to take over the affairs of the Corporate Debtor and duties as required to be performed by him under the Provisions of IBC, 2016, including issue of publication in widely circulated newspapers including one in English and one in vernacular in Jaipur and its hinterland, as contemplated under the Provisions of IBC, 2016 and calling for the claims from the creditors of the Corporate Debtor and collating of the same shall be done. (ii) Further as a consequence of admission, moratorium as envisaged under Section 14 of IBC, 2016 is invoked in relation to the Corporate Debtor which will be in vogue during CIRP of the Corporate Debtor. The I....