TaxTMI 
TaxTMI 
TaxTMI 
2020 (3) TMI 163
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.... 2013 and represented by its Director, Mr. Anuj Jain, on the basis of a Board Resolution dated 01.11.2018 (Exhibit '1' to the petition at p.19A) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Eurolife Healthcare Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 09.04.1987 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U51900MH1987PTC043106. Its registered office is at No. 901-B, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (W), Mumbai-400013. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 05....
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....t I and unit II. The invoices carry an interest component of 24% p.a. The interest amount has been calculated to be Rs. 3,31,615/-. However, the Operational Creditor has submitted that it would waive off the interest till the filing of the petition (page 4 of the Petition). The Operational Creditor has left it to the discretion of the court for reasonable interest as per the contract between the parties. 7. Thereafter, the Operational Creditor had served a Demand Notice in Form 3 dated 09.11.2018 to the Corporate Debtor (Exhibit '3' to the petition at pp.21-26) in terms of section 8 of the IBC. Proof of service of Demand Notice has been attached (Exhibit '60' to the petition at pp.108-111). The Corporate Debtor has not sent....
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....on revealed that the employee of the Corporate Debtor has maliciously dealt with Operational Creditor to give orders at higher rate than the actual market rate and over the period collected Rs. 90.0 Lakh as payment for the material supplied. 14. The Corporate Debtor has stated that the claim of the Operational Creditor is not valid, on the following grounds: - (i) There was collusion between the employee of the Corporate Debtor and the Operational Creditor; and (ii) That such collusion caused loss to the Corporate Debtor. The Corporate Debtor has further submitted that it is still in the process of determination of losses caused due to the alleged fraudulent act of the Operational Creditor. 15. The Corporate Debtor admits that the Op....
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.... Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, 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. 19. The Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter. 20. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP(IB)No.1608/MB/C-IV/2019 filed by Adway Print Concept Priva....
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....at the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government 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....