TaxTMI 
TaxTMI 
2020 (2) TMI 1073
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.... to Adjudicating Authority) Rules, 2016, against M/s. Canadian Crystalline Water India Limited (hereinafter referred to as 'Corporate Debtor'). 2. Part - I of the Application being Form 5 discloses the particulars of the Operational Creditor as being represented by the Authorized Representative Mr. Mayank Lunawat, and the Operational Creditor has passed a board Resolution to this effect, which is annexed at page 15 of the typed set. 3. Part - II of the Application discloses the details of the Corporate Debtor and it is evident that the Corporate Debtor was incorporated on 20.09.1995 and the Authorized Share Capital is Rs. 2,50,00,000/- and the Paid-up-capital is Rs. 2,50,00,000/-. The Registered Office of the Corporate Debtor is s....
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....ussed; however, subsequently no payments have been forthcoming. 6. The Operational Creditor has issued Demand Notice as mandated under Sec. 8 of the I&B Code, 2016, to the Corporate Debtor on 04.06.2019, demanding the Corporate Debtor to repay a sum of Rs. 4,31,591/- (including interest) within 10 days from the receipt of the notice, which was received by the Corporate Debtor on 04.06.2019, itself. However, after receipt of the notice, the Corporate Debtor has chosen not to reply to the Demand Notice issued by the Operational Creditor. 7. In relation to the Corporate Debtor, it is brought to the notice of this Tribunal from the record of proceedings that on 16.09.2019, since there was no representation on behalf of the Corporate Debtor, t....
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.... 9. By taking into consideration the facts mentioned supra, we are inclined to admit the Application as has been filed by the Operational Creditor and consequently Corporate Insolvency Resolution Process is initiated. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the list furnished by Insolvency and Bankruptcy Board of India appoints Mr. B. Sathrukkanan with Registration Number IBBI/IPA-001/IP-P00301/2017-18/10545, (Email id:- [email protected], Mobile No: +91 7708036906) as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBB....
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....maybe notified by the Central Government in consultation with any financial sector regulator. 11. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case m....