TaxTMI 
TaxTMI 
2020 (6) TMI 721
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.... L23423HR1933PLC-000097],a company within the meaning of section 2(20) of the Companies Act, 2013 and represented by its Vice President-Legal, Mr Kapil Kumar Singh, on the basis of a Board Resolution dated 14.02.2018seeking to initiate Corporate Insolvency Resolution Process (CIRP)against Cane Agro Energy (India) Limited(Corporate Debtor). 2. The Corporate Debtor is a publiccompany limited by shares and incorporated on 25.05.2007 under the Companies Act, 1956,with the Registrar of Companies (RoC), Maharashtra, Pune.Its CIN is U01115PN2007PLC130211. Its registered office is At Raigaon, Post Hingangaon (Budruk), Tal- Kadegaon, Sangli 415305, in the State of Maharashtra.Therefore, this Bench has jurisdiction to deal with this petition. 3....
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....eceived a total sum of Rs.39,00,000/- (Rupees thirty-nine lakh only) (para 4 at page 7-8 of the Petition); (d) Upon the assurance of the Corporate Debtor, the Operational Creditor completed the commissioning of the CIGAR system on 29.07.2017. The minutes of the meeting recording successful instatllation of the CIGAR system is annexed as Exhibit 'E' to the Petition (para 4 at page 7-8 of the Petition); (e) A total amount of Rs.12,47,120/- (Rupees twelve lakh fortyseven thousand one hundred and twenty only) remains due and payable as per the books of the Operational Creditor (para 5 at page 8 of the Petition); (f) The Corporate Debtor has also not fulfilled its obligations in providing Central Sales Tax Form....
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....and Notice. Necessary affidavit of No Dispute in terms of section 9(3)(b) of the IBC has been has been filed separately, which is taken on record. 7. The Corporate Debtor has not submittedany reply in the matter. 8. We have heard the arguments of the Learned Advocate for the Operational Creditor and perused the records. 9. It is seen from the record that a purchase order has indeed been placed on 17.08.2015 by the Corporate Debtor on the Operational Creditor for CIGAR suitable for 6000 TCD on 24 hour basis. The same appears to have been successfully commissioned, in terms of the Minutes of Meeting held between the parties on 29.07.2017, placed as Exhibit 'E' at p.28 of the Petitino. 10. It is also a matter of record that....
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....t of one lakh rupees stipulated under section 4(1) of the IBC at the relevant time. 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. 14. The Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter. 15. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP (IB)No.3010/MB/C-IV/2019 filed by Isgec Heavy Engineering Limited, the Operational Creditor, under section 9 of the IBC read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 fo....
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....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. (f) Since the Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter, t....