2021 (5) TMI 5

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.... 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 shirts, apparel fabric & fabric in Visakhapatnam, Andhr....

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.... 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 Resolution dated 27.12.2018 for the purpose of obtaining loan from the Petitioner and further a Loan Agr....

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.... 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 to approach the Adjudicating Authority with appropriate Petition. Accordingly, the Respondent vide its l....

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....ao 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 any judgment, decree or order in any court of law, Tribunal, Arbitration panel or other authority; b) transferring, encumberin....