2021 (11) TMI 468

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.... The Corporate Debtor defaulted in making payment of Rs. 1,17,75,833/- which includes interest towards invoices raised against the goods supplied. Hence petition under Section 9 of Insolvency and Bankruptcy Code, 2016 (referred to as "Code") read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Insolvency Resolution Professional (IRP) as prescribed under the Code and Rules thereon. 2. The Counsel for the Operational Creditor submits that M/s. Lloyds Shipping Pvt. Ltd. (hereinafter referred as "LSPL") engaged the services of M/s. Seapol Port Private Limited ....

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....risation will be affixed in the letter and the Port will permit berth to the vessel in M/s. SPPL's HMC and designate berth to facilitate loading and unloading of dry bulk cargo. Once HMC completes discharging/loading the cargo, M/s. SPPL will have to receive a survey copy to reflect the quantity confirmation and the inputs received would be used for calculating output per shift per berth day. The letter sent to the Traffic Manager by both the parties constitute the agreement entered into between the parties. The said agreement is also annexed along with the Petition. 6. Pursuant to the engagement and completion of work by M/s. SPPL, survey reports are produced which is a proof towards completion of the work by M/s. SPPL. The Visakhap....

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....d the right of the Corporate Debtor to file counter and the matter was listed for arguments. The Counsel for the Corporate Debtor did not appear thereafter. Hence it can be understood that the Corporate Debtor does not have anything to submit in opposition to the contentions made by the Operational Creditor. 10. Hence I am of the considered view that it is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor did not suggest any name as Insolvency Resolution Professional (IRP) and sought the Tribunal to appoint an IRP. Hence Mr. Sunkara Venkateswara Rao (Registration No. IBBI/IPA-002/IP-N01007/2020-2021/13446), is appointed as the Interim Resoluti....