TaxTMI 
TaxTMI 
2021 (3) TMI 1096
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....ules') by M/s Rhydburg Pharmaceuticals Ltd. Through its Authorized Representative Sh. Ashok Monga (`Operational Creditor'), with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. Sanyog Healthcare Limited (`Corporate Debtor'). 2. That the Corporate Debtor namely, M/s. Sanyog Healthcare Limited is a Company incorporated on 24.02.1999 with CIN No. U24232DL1999PLC098564 under the provisions of the erstwhile Companies Act, 1956 having its registered Office at B-1, Yadav Park, Main Rohtak Road, Nangloi Delhi-11041. 3. That the Authorized Share Capital of the Corporate Debtor is Rs. 20,00,00,000 and Paid-up Share Capital is Rs. 18,62,40,000 as per the Master Data of the Corporate Debtor. 4. It is stated ....
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....ments due, it had issued a Demand Notice dated 10.03.2020 under Section 8 of IBC, 2016 at the Registered Office of the Corporate Debtor claiming a total operational debt of Rs. 3,98,62,325/-. 12. It is stated by the Operational Creditor that the Demand notice issued under Section 8 of IBC was served by hand at the Registered Office of the Corporate Debtor on 10.03.2020. The Operational Creditor has also placed on record the proof of receipt of the demand notice at Page 139 of the Petition. 13. It is further stated that pursuant to delivery of the Demand Notice, Corporate Debtor made the last Part Payment of Rs. 3,50,000/- on 21.03.2020, leaving an amount of Rs. 3,49,65,711/- unpaid towards the principal debt amount. 14. It is added by th....
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....ns of Section 10A of IBC 2016. The same are reproduced below : "10A. Suspension of initiation of corporate insolvency resolution process. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf: Provided that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate debtor for the said default occurring during the said period. Explanation. - For the removal of doubts, it is hereby clarified that t....
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....on panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor." 21. As proposed by the Operational Creditor, this Bench appoints Sh. Manohar Lal Vij, IP with Registration No. IBBI/IPA-001/P01480 /2018-2019 /12269 as IRP (mlvij1....