TaxTMI 
TaxTMI 
2021 (4) TMI 941
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.... against the Corporate Debtor viz., M/s. RS Seven Lifestyle Private Limited., declare Moratorium and appoint Interim Resolution Professional. 3. It is submitted by the Ld. Counsel for the Operational Creditor that the total amount of debt due from the Corporate Debtor is Rs. 34,54,635/- as on 26.06.2019 on account of goods supplied to the Corporate Debtor. 4. The Ld. Counsel for the Operational Creditor submitted that his client is a partnership firm incorporated under the laws of India and is in the business of sports apparel manufacturing and the Corporate Debtor approached to the Operational Creditor from time to time to supply sports apparel to it. Purchase orders were given against which the goods were supplied by the Operational Cre....
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....nd the ledger account is placed at page 303 of the type-set filed with the petition. 8. The documentary evidence placed on record establishes that the Corporate Debtor failed to make the payments to the Operational Creditor. Therefore, all the legal requirements are fulfilled, the application is admitted, and the commencement of the CIRP is ordered against M/s. RS Seven Lifestyle Private Limited, which ordinarily shall be completed within 180 days, reckoning from the day this Order is passed. 9. The moratorium is declared which shall have effect from the date of this Order till the completion of CIRP, for the purposes referred to in Section 14 of the IBC, 2016. It is ordered to prohibit all of the following, namely:- (a) The institution....
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.... as IRP and directed to take charge of the CD's management immediately including bank accounts. The IRP is also directed to cause public announcement as prescribed under Section 15 of IBC, 2016 within three days from the date the copy of this Order is received, and call for submissions of claims by the creditors in the manner as prescribed. 12. We hereby direct the Operational Creditor to pay a sum of Rs. 2,00,000/- to the IRP so that he could perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the Code. The Directors of the....