TaxTMI 
TaxTMI 
TaxTMI 
2020 (3) TMI 161
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...., 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. 6,97,915.00 (Rupees six lakh ninety-seven thousand ni....
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....t 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 Operational Creditor has filed this Petition on 02.11.2018 before this Adjudicating Authority. 8....
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....on 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 the outstanding dues were not paid. Thus, the existence of debt and default is established. The date of default is 10.10.2016....
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....e 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 right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its pr....
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....e 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 their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Operational Creditor shall ....