TaxTMI 
TaxTMI 
2020 (3) TMI 161
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....esented by its proprietor Mr. Anand Mehta, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against AG Conveying Systems Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 05.03.2008 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Pune. Its Corporate Identity Number (CIN) is U29299PN2008PTC131563. Its registered office is at Gat No. 322A, Plot No. 6 & 7, Pirangut, Pune 412111. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 02.11.2018 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 6,97,915....
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.....33-38. The invoices provide for interest in case of delayed payments, to be charged at the rate of 18% per annum. Bank statements are also attached as Exhibit '4' at pages 13-26. The total debt due and payable to the Operational Creditor is Rs. 9,37,993.00 (Rupees nine lakh thirty-seven thousand nine hundred and ninety-three only), as mentioned at page 3 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 09.06.2018 on the Corporate Debtor (Exhibit '5', pp.27-32) in terms of section 8 of the IBC, which has been duly served on the Corporate Debtor by Registered Post. 7. There was, however, no reply to the Demand Notice. Since the Corporate Debtor failed to make a payment, the Operati....
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....) for the supply of goods to the Corporate Debtor. Since the invoices remained unpaid, the Operational Creditor called upon the Corporate Debtor to make the payment. The payment received was adjusted towards total outstanding amount, Current outstanding amount is Rs. 6,97,915/- (Rupees six lakh ninety-seven thousand nine hundred and fifteen only) which is remaining towards invoices between period 11.06.2016 and 22.08.2016. 13. There is no pre-existing dispute regarding the unpaid operational debt, being the principal amount of Rs. 6,97,915/- (Rupees six lakh ninety-seven thousand nine hundred and fifteen only). The invoices for the period of 11.06.2016 to 22.08.2016 were raised upon the Corporate Debtor on a running account basis, but th....
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....on 9 of the IBC read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against AG Conveying Systems Private Limited [CIN: U29299PN2008PTC131563], 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, alienating or disposing of by the Corporate Debtor any of its assets or any legal r....
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.... (f) Since the Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter, the IRP shall be appointed by this Adjudicating Authority by a separate order. 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 her functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) 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. The officers and managers of the Corporate Debtor shall provide all documents in thei....