TaxTMI 
TaxTMI 
2021 (10) TMI 1234
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....uptcy Code, 2016 (hereinafter referred to as IBC, 2016) for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor viz. M/s. Oxygen Lifeline Retail Private Limited. The amount of claimed debt in default is Rs. 3,67,63,463.80/- (Rupees Three Crore Sixty Seven Lakh Sixty Three Thousand Four Hundred Sixty Three Eighty Paise Only) including interest and the date of default is 21.06.2019. 2. The facts, in brief, are that the Operational Creditor is into a business of supplying medicines and that the Corporate Debtor holds the retail medicine outlets under the name and style of "Arogya Retail" throughout the state of Madhya Pradesh. 3. There were business relations between the Operational Creditor and Corp....
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....Debtor that goods and medicine supplied by the Operational Creditor has been cancelled because the medicines were not supplied within agreed time/scheduled period. The Corporate Debtor has further submitted that the medicines supplied by Operational Creditor to Corporate Debtor could not be sold to retailers of Corporate Debtor due to such delay in delivery, because f which Corporate Debtor incurred heavy losses, hence Corporate Debtor cancelled the order supplied by Operational Creditor. However, during the course of hearing learned Counsel for Corporate Debtor submitted that a sum of approximately Rs. 2,00,00,000/- or more is due and payable which is less than the amount claimed by the Operational Creditor i.e. Rs. 3,67,63,463.80/- (Rupee....
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....ice under section 8 of IBC, 2016 which was served on Corporate Debtor by hand delivery. C. In the view of facts, it is clear that Corporate Debtor has defaulted in the payment of its debts. On the basis of the facts the application is otherwise defect free 85 on record. However as far as amount of debt is concerned, the same would be determined by IP/IRP in the course of CIRP of the Corporate Debtor. Hence this claim made by Corporate Debtor is of no consequence before us since admitted amount is also more than the threshold limit for admitting the claim under section 9. So, we admit this application and order as under: ORDER I. The application is admitted and the moratorium is declared for prohibiting all of the ....
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....8/11301 to act as an IRP under Section 13(1) (c) of the CODE. IV. The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or co-operate with IRP, do not assist or Co-operate. IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropr....