TaxTMI 
TaxTMI 
2019 (10) TMI 1263
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.... effect that the parties will settle the matter amicably within a week, and requesting that orders be not pronounced. We, therefore, posted the matter on the board on 23.09.2019 as Item No.12. On that date, there was no representation on behalf of the parties. We adjourned the matter to 30.09.2019 for reporting settlement. On 30.09.2019, the matter was again brought on board. Again, there was no representation on behalf of the parties. Therefore, we are proceeding to pronounce the order on the present Petition today (01.10.2019) in open court. 2. This is a Company Petition filed under section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Ketki Shah Talati ("the Financial Creditor"), an individual, seeking to initiate Corporate Ins....
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....made into the bank account of the Corporate Debtor. Product Notes have been placed on record as Exhibit 'P6' at pp.53-57. Bank statements are also attached at Exhibit 'P7' (in respect of Tranche 1, Series 1) & 'P8' (in respect of Tranche 1, Series 4) at pages 81-82. The Demat Holding Statement at p.83 reflects the Debenture Holding Statement on the part of the Financial Creditor. The total debt due and payable to the Financial Creditor is Rs.59,09,845.00 (Rupees sixty lakh nine thousand eight hundred and forty-five only), as mentioned at page 9. 7. M/s LJ Law appeared on behalf of the Corporate Debtor and made their submissions. 8. In its reply dated 05.09.2019, the Corporate Debtor has stated that it is financially....
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....ity is much more than the claim of the Debenture Holders. 11. A legal notice dated 14.05.2019 was sent by the Financial Creditor to the Corporate Debtor, calling upon the Corporate Debtor to make payment of the sum of Rs.59,09,845/- (Rupees fifty-nine lakh nine thousand eight hundred and forty-five only), and warning the Corporate Debtor that in case there is no response, the Financial Creditor will be constrained to file an application under section 7 of the IBC. 12. We have heard the arguments of both sides and perused the records. 13. We have noted that the reply of the Corporate Debtor that it is a going concern with over 100 employees, an asset value of more than Rs.39 crore, and an inventory of finished and unfinished stock o....
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....reditor is complete in all respects as required by law. In view of this, this Tribunal admits this Petition and orders initiation of CIRP against the Corporate Debtor. 16. The Financial Creditor has proposed the name of Mr Jugraj Bedi, Registration No.IBBI/IPA-001/IP-P00731/2017-18/ 11208 as the Interim Resolution Professional (IRP) of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with copy of the Certificate of Registration. 17. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP(IB) No.2177/MB-IV/2019 filed by Ketki Shah Talati, the Financial Creditor, unde....
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....rovisions 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 Tribunal 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. ....