2019 (3) TMI 1779

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....rate Debtor") under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, IB Code, 2016) r/w Rule 6 of the Insolvency and Bankruptcy (Application of Adjudicating Authority) Rules, 2016 (for brevity, IB Rules, 2016). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this Petition. 3. The Operational Creditor is a government recognised export house in Mumbai engaged in the business of export of variety of goods and commodities and certified as "One Star Export House" Status Holder No.03/1/0464/150929 by the Ministry of Commerce & Industry (Directorate General of Foreign Trade), Government of India on 29.09.2015 having its registered office at ....

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.....11.2017. However, due to non-delivery of the fabrics as per specifications by the Corporate Debtor within the time frame, the Operational Creditor was unable to fulfil its export order commitments due to which the Export Order was cancelled. The Operational Creditor sent e-mails on 28.11.2017, 19.02.2018, 20.02.2018 to the Corporate Debtor informing about the quality of fabric not being in conformity with the specification and hence not being acceptable and also sent Reminder Notice on 02.08.2018 demanding refund of advance amount of Rs. 34,72,875 together with interest @18% p.a. to be paid by the Corporate Debtor. 6. It is further stated that on 29.08.2018, the Operational Creditor sent Demand Notice (under Section 8 Rule 5 of the Inso....

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.... sought for an adjournment, as instructed by her senior counsel, expressing her inability to argue the matter. Hence, this Bench hereby hold that this Application is fit for admission for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. 9. In view of the above, this Tribunal admits the instant IBA/199/2019 filed under Section 9 of the I&BC, 2016 and order commencement of Corporate Insolvency Resolution Process (CIRP) which shall ordinarily get completed within 180 days, reckoning from the date of this order is passed. 10. Since the Petitioner/Operational Creditor has not recommended the name of Interim Resolution Professional (IRP), we appoint Mr. G. Gunasekaran as IRP from the list provided b....