TaxTMI 
TaxTMI 
2020 (2) TMI 912
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....mited ("the Corporate Debtor"). 2. The Corporate Debtor is a company incorporated on 30.03.2007 under the Companies Act, 1956, as a private limited company with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U17200MH2007PTC169431. Its registered office is at 4-A, Vikas Centre 104, S. V. Road, Santa cruz (West), Mumbai 400054. Therefore, this Bench has jurisdiction to deal with the present petition. 3. The present petition was filed on 03.12.2018 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 4,39,963.00 (Rupees four lakh thirty-nine thousand nine hundred and sixty-three only) (as stated in page 3 of the petition). 4. The Oper....
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....) 18.12.2016 17.01.2017 52,130/- 13 PKG/584 (page 86) 4683-16-17 (page 56) 26.12.2016 25.01.2017 4,556/- Total 4,39,963/- The Invoices & Purchase Orders have been placed on record as at pp. 27-86 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 17.07.2018 which has been delivered on 23.07.2018 to the Corporate Debtor (Exhibit 'B' to the petition at pp. 19-92) in terms of section 8 of the IBC along with Proof of service of Demand Notice (pp. 17-18). The petitioner further submits that as on the date of Demand Notice, the total outstanding was Rs. 9,39,963/- (Rupees nine lakh thirty-nine thousand nine hundred and sixty....
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....s regard have been placed on record at pp. 372A of the petition. The Corporate Debtor has not filed a reply to the Petition. 10. As per section 9(3)(b) of the I&B Code, the Operational Creditor has stated on affidavit that in response to the Demand Notice the Corporate Debtor has neither made a payment towards the outstanding dues nor raised any dispute. Further, Operational Creditor states that there is no dispute in existence about the unpaid operational debt. This affidavit is placed at pp. 370-372 of the petition. 11. In compliance of Sec 9(3)(c) of the Insolvency and Bankruptcy Code,2016, the Operational Creditor has submitted the Certificate dated 21.08.2018 from Karnataka Bank Ltd., certifying that no credit from the Corporate ....
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.... Corporate Debtor is in default of a debt due and payable, and the default is more than minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, as the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this petition and orders initiation of CIRP against the Corporate Debtor. 16. The Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter. 17. It is, accordingly, hereby ordered as follows: - (a) The petition filed by Arihant Packers, a HUF represented by its karta, Mr. Vijay Tatiya, under section 9 of the IBC read with rule 6 of the Insolvency & Bankruptcy (A....
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....ent in consultation with any sectoral regulator. (d) The moratorium shall have effect from the date of this Order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of corporate debtor under section 33 of the IBC, as the case may be. (e) 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. (f) Since the Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the ma....