2020 (1) TMI 1078

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....CIRP) against Costra Advertising India Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 29.01.2007 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U22190MH2007PTC167348. Its registered office is at 402-A, Atlas Skywalker, 4th Line Road (Andheri (West), Mumbai, Maharashtra 400 053. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 10.05.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 14,73,005.00 (Rupees fourteen lakh seventy-three thousand and five only) as....

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....The Corporate Debtor has not replied to the Demand Notice. The Petition itself has been served on the Corporate Debtor on 11.05.2019. Court Notice ordered in the matter was also served on 24.08.2019. One more opportunity was given in the form of private notice as ordered by the Court, about the hearing fixed on 09.09.2019. In spite of these ample opportunities, the Corporate Debtor has not bothered to enter any appearance or file a reply in the matter. Therefore, we are constrained to proceed on the basis of the materials available on record. 10. There are a total of twelve invoices, dated between 30.06.2016 and 25.05.2017 (both dates inclusive). Each of these invoices carry the number of the Purchase Orders placed by the Corporate Debto....

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....s Precision Cut Industries, the Operational Creditor, under section 9 of the IBC read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Costra Advertising India Private Limited [CIN: U22190MH2007PTC167348], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i)  The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienati....

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....ity by a separate order. (f) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (g) The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out the functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (h) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC....