2019 (1) TMI 1811

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....ankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 with a request to trigger Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Pureshot Food & Beverages Private Limited styling it as Corporate Debtor. 2. Petitioner is a registered proprietorship concern and it is having license for doing business of stocking and distributing food and beverages items on wholesale basis. 3. Respondent is a company registered under the Companies Act. Its registered office is situated at Noida, Uttar Pradesh. Respondent is a manufacturer of food and beverages items. Petitioner and respondent entered into a distribution agreement on 02.04.2018. Petitioner transferred a s....

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....Insolvency Resolution Professional (IRP) and filed his written communication. Petitioner also filed an affidavit as required by Section 9(3)(b) of the I & B Code, 2016. Petitioner served the copy of the petition on the respondent. 8. This Tribunal also directed the petitioner to issue notice to the respondent on this petition. Petitioner served notice on the respondent. Respondent appeared through a counsel and filed reply. 9. It is admitted in the reply that the respondent entered into an agreement dated 02.04.2018 with the petitioner towards the distributionship for sale of products through its wholesale outlets. Respondent also admitted that it received Rs. 5,00,000/- as advance towards the purchase order to be placed by the petiti....

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....ssuance of Form 3 Demand Notice, respondent did not choose to pay the unpaid operational debt. The Bank account filed by the petitioner clinchingly show that the unpaid operational amount has not been credited to the account of the petitioner. Moreover, respondent also admitted the operational debt. No notice of dispute has been issued by the respondent. The petition filed by the petitioner is complete in all respects. 12. In view of the above discussion, this petition deserves to be admitted and it is accordingly admitted. 13. This Authority hereby appoint Mr. Pramod Kumar Sharma ([email protected]) (Reg. No. IBBI/IPA-002/IP-N00110/2017-18/10258) Insolvency Professional to act as Interim Resolution Professional. 14. This....