2019 (8) TMI 1729

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....for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. 2. On behalf of the Respondent his counsel filed a reply. 3. The substance of the dispute is that the Financial Creditor concern named as 9M Corporation is a proprietary concern having its Registered Office at Udaipur, State of Rajasthan. The Corporate Debtor is a private Company-incorporated under the Companies Act. 1956 having its registered office at Udaipur, State of Rajasthan. The Financial Creditor states that it has supplied the raw material named as Rock Phosphate by issuing the invoice RM/01, RM/25 & RM/27 respectively for Rs. 36,700.366/- and the Corporate Debtor made supply of finished goods named as Rock Phosphate against purchas....

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....n and the commitment made in the reply, the Corporate Insolvency Resolution Process can be initiated against the Corporate Debtor. 5. This Tribunal perused all the relevant papers and found them to be in order. The prosecution leading to the filing of the present petition has been detailed in the application prescribed under IBBI (Application to Adjudicating Authority) Rule, 2016. The matter is within the purview of Law of limitation. 6. The Financial Creditor has proposed his IRP Mr. Brij Kishor Sharma and submitted Form-2, a written communication by the proposal of Insolvency Resolution Professional (IRP). Mr. Brij Kishor Sharma is an IP, registered with ICSI institute of Insolvency Professionals, having Registration No. IBBI/IPA-00....

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....r which will be in vogue during the Corporate Insolvency Resolution Process of the Corporate Debtor. The IRP shall carry out (CIRP) strictly as per the timelines specified and as envisaged under the provisions of IBC, 2016 in relation to the Corporate Debtor. (iii) The said IRP shall act strictly with the provisions of IBC, 2016 with a view to defray his expenses to be incurred and fees on account the Financial Creditor is directed to deposit a sum of Rs. 2,00,000/-(Two Lacs Only) to the account of IRP within three days from the date of this order. The IRP shall duly file a status report appraising this Tribunal about the progress of CIRP unfolded in relation to the Corporate Debtor. In terms of Section 17 & 19 of IBC, 2016 all per....