2021 (4) TMI 48

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....2016, R/w Rule 4 of the I&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Manali Sugars Limited (hereinafter referred to as Respondent/Corporate Debtor) on the ground, that it has committed default for total amount of Rs. 49,90,10,000/- (Rupees Forty Nine Crores Ninety Lakhs Ten Thousand Only). 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Shri Siddeshwar Souhard Sahakari Niyamit Cooperative Bank (Petitioner/Financial Creditor) was registered on 16.01.2006 with the Identification No. AACAS9345R, having its Office situated at Near Bus S....

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....t March, 2019 till 10th March, 2021. The Financial Creditor has also produced NeSL Certificate dated 16.03.2021, wherein, it is recorded that date of default is 31.03.2019, and the total outstanding amount is Rs. 49,90,10,000/-. 3. The Respondent has filed its Statement of objections dated 18.03.2021 by inter-alia contending as follows: (1) The Corporate Debtor is not in a position to honour its financial commitments. It has enclosed a list of Secured and un-secured Creditors wherein total liabilities are to the tune of Rs. 37,508.78 (In lakhs) Further as per the annual Financial Statements for the financial year, though the assets are more than the existing liabilities, there are no liquid assets to pay off the debts of the Com....

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....gs of the Parties and the extant provisions of the Code, the Rules made there under, and the law on the issue. 5. Shri K. Chethan Kumar, learned Counsel for the Petitioner, while reiterating various averments made with regard to debt and default in question, as briefly stated supra, has further submitted that Debt and default in question is admittedly are not in dispute, the Petition is filed in accordance with law, and also suggested a qualified Resolution Professional namely Shri Kondishetty Kumar Dushyantha, with Registration No. IBBI/IPA-002/IP-N00237/2017-18/10688, who has filed his written Consent in Form 2 on 15.03.2021 by inter alia declaring that no disciplinary-proceedings pending against him with the Board or ICSI Insolvency P....

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....mitted C.P.(IB) No. 35/BB/2021 by initiating Corporate Insolvency Resolution Process (CIRP) in respect M/s. Manali Sugars Limited, the Respondent/Corporate Debtor, with the following consequential directions: 1) Shri Kondisetty Kumar Dushyantha bearing Registration No. IBBI/IPA-002/IP-N00237/2017-18/10688, e-mail: [email protected], Karnataka, Bengaluru, who is qualified Insolvency Professional, is hereby appointed as Interim Resolution Professional, in respect of the Respondent/Corporate Debtor namely M/s. Manali Sugars Limited to carry out the CIRP as mentioned under the Insolvency and Bankruptcy Code, 2016 and various rules issued by IBBI from time to time; 2) The following moratorium is declared prohibiting all of ....