2021 (11) TMI 908

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....tiate Corporate Insolvency Resolution Process (CIRP) against TV Products India Private Limited (hereinafter called "Corporate Debtor") alleging that the Corporate debtor committed default in making payment to the Operational Creditor. This petition has been filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 5,99,250/- (Rupees Five Lakhs Ninety-Nine Thousand Two Hundred Fifty Only). 3. The Submissions of the Operational Creditor are as f....

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.... 30,000/- ASC/0013/0133/16-17 01.06.2016 1,26,500/- ASC/0017/0133/16-17 05.07.2016 1,26,500/- ASC/0027/0133/16-17 05.08.2016 1,26,500/- ASC/0033/0133/16-17 05.09.2016 1,26,500/- ASC/0044/0133/16-17 06.10.2016 63,250/-   Total Amount 5,99,250/- e. The Operational Creditor further submits that inspite of repeated requests, reminders (verbal as well as written) for the payment of the outstanding amount, the Corporate Debtor willfully and/or deliberately failed and neglected to make payment of the said outstanding dues. f. The Operational Creditor has annexed the Agreement dated 24.02.2014 with the Petition. The Operational Creditor has also annexed copy of Bank Statem....

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....or Company is in financial crunches hence there is nothing much to say in defense. The Corporate Debtor has no objection for Admission of this present Petition. 6. Further, on the basis of the evidences on record the Operational Creditor has established that he has delivered services to the Corporate Debtor Company for which an amount of Rs. 5,99,250/- is due and a default has also occurred. Considering these facts and circumstances, the nature of the Debt is an 'Operational Debt' as defined under section 5 (21) of the Definitions under The Code. There is a "Default" as defined under section 3 (12) of The Code on the part of the Debtor. 7. Further, we have also perused the notice sent under Section 8 (2) of the Code and it came to our....

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....ing the following: ORDER 11. The above Company Petition No. (IB) -2299 (MB)/2018 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against TV Products India Private Limited. 12. This Bench hereby appoints Mr. Manish Shah, Insolvency Professional, Registration No: IBBI/IPA-001/IP-P00094/2017-18/10194 as the Interim Resolution Professional having address at A/502, Krishna Palace, Thakur Complex, Kandivali West, Mumbai - 400101 to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. 13. The Operational Creditor shall deposit an amount of Rs. Two Lakhs towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional....