TaxTMI 
TaxTMI 
2021 (5) TMI 5
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....ncy Resolution Process (CIRP) in respect of M/s. SWE Fashions Private Limited (Respondent/Corporate Debtor), on the ground, that it has committed default for total amount of Rs. 2,48,95,572.83/- (Rupees Two Crores Forty Eight Lakhs Ninety Five Thousand Five Hundred and Seventy two and Eighty Three paise only) which includes principal amount and interest @ 10% p.a. 2. Brief facts of the case, as mentioned in the Petition, which are relevant to the issue in question, are as follows: (1) M/s. Algae Apparels (hereinafter referred as Petitioner/Financial Creditor), having registered office situated at Plot No. 32 & 39, Apparel Export Part, Autonagar, Visakhapatnam - 530 012. It is involved in the business of manufacturer of white shi....
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....not sufficient to meet the existing liabilities 31.03.2019 amounting to Rs. 29,50,35,092/-. As such there is a deficit of Rs. 6,31,49,823/-. (2) The following is the major Financial Creditor of the Respondent, to whom the Respondent owes as amount of approximately Rs. 15,00,00,000/-. (3) The following are the details of the liabilities of the Company in elaborated manner: (4) The Corporate Debtor is not in dispute with the claim of Rs. 2,48,95,572.83/-. The Corporate Debtor is indeed due to the Applicant and the same is outstanding in the books of the Corporate Debtor as at 31.03.2019 (Audited Financial Statements) and as on 31.03.2020 (which are yet to be audited). The Corporate Debtor has passed a Board Resoluti....
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....he Respondent, while reiterating the averments made in the Reply, as briefly stated supra, has further submitted that the debt in question is not in dispute. The Corporate Debtor is not in a position to repay the loan amount to the Petitioner and also the Corporate Debtor has many statutory and non-statutory liabilities in existence, which the Corporate Debtor is not in a position to extinguish all the liabilities. Therefore, he has no objection to initiate CIRP against them. 7. As the Respondent was willing to settle the claim of the Petitioner, the Company Petition was earlier disposed of by an Order dated 18.01.2021, by directing the Parties to settle the issue amicably between themselves failing liberty was granted to the Petitioner ....
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....ted, the Respondent/Corporate Debtor, with the following consequential directions: (1) Shri Venkata Subbarao Kalva, bearing Reg. No. IBBI/IPA-002/IP-N00179/2017-18/10655, e-mail [email protected]. Bengaluru - 560 Oil, who is qualified Insolvency Professional, is hereby appointed as IRP, in respect of the Corporate Debtor namely M/s. SWE Fashions Private 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 the following, namely: a) the institution of suits or continuation of pending suits or proceedings against the Respondent/Corporate Debtor including execution of....
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....Respondent/Corporate Debtor are hereby directed to extend full co-operation to the IRP, in carrying out his functions as such, under the Code and Rules made by IBBI. (5) The Registry is directed to forward a copy of this order immediately to both the Parties and IRP. (6) Post the case for submission of report of the IRP on 26.04.2021. ============= Document 1 Charge Sl. No Charge SRN Holder ID Date of Creation name Date of Modificatio Date of satisfacti Amount n on State G3529 6409 1051184 Bank of 22.7.2014 12.1.2017 6 India 151200000 Address SME Branch, ITI Ancillary Industrial Estate, Whitefield Road, Mahadevapu ....