2020 (1) TMI 303

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.... Adv. for the Respondent. ORDER B.S.V. Prakash Kumar, It is an Insolvency & Bankruptcy Application (IBA) filed u/s 9 of the Insolvency & Bankruptcy Code, 2016 ("the Code") by Operational Creditor for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor on the ground the Corporate Debtor defaulted in paying an amount of Rs. 12,40,000 as stated in the Company Appli....

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.... paid the same, this Operational Creditor had initiated proceedings against this Corporate Debtor before Madhya Pradesh Micro and Small Enterprises Facilitation Council, Bhopal, upon which, an award was passed on 23.03.2018 holding that the Corporate Debtor shall pay this claim of Rs. 5,71,515 to the Operational Creditor. 3. Ever since, this Corporate Debtor having not paid the award amount despi....

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....ation but whereas owing to financial problems, the Corporate Debtor is not in a position to pay the same immediately. 5. On looking at the facts available, we are of the view that this Operational Creditor has proved existence of debt and default, therefore, We hereby admit this Company Application by appointing Mr. Senthil Kumar as Insolvency Resolution Professional (IRP) looking at the consent ....

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....rity 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 (SARFAESI Act); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (II) That the supply of essential goods....