2021 (12) TMI 738

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.... Adjudicating Authority) Rules, 2016. The Operational Creditor, Naina Rajkumar Bansal, sole proprietor of M/s. Viraj Weaves, is seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') against the Corporate Debtor viz., M/s. Fashion Flare International Private Limited, declare moratorium and appoint Interim Resolution Professional (hereinafter referred as 'IRP'). 2. The Operational Creditor/Petitioner has averred as follows:- a. The Operational Creditor supplied manufactured cloth to the corporate debtor. After making some initial payments for some of the invoices, they stopped making payments even upon receiving the consignments from the operational creditor without a....

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....der dated 03.12.2021, this adjudicating authority proceeded ex-parte. The relevant extract of the order dated 03.12.2021 is as follows: "Counsel for the Operational Creditor is present. There is no representation on behalf of the corporate debtor. Counsel for the Operational Creditor submits that he has complied with the order dated 29.10.2021 by sending once again the present petition by all means on the corporate debtor. In this connection, he has filed proof of service along with an affidavit. We have gone through the said documents and it is confirmed that the present petition has been duly served on the corporate debtor against proper acknowledgement. In addition, we have also seen the petition along with pro....

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....expressed, hence the said notification is not applicable to the present case. Therefore, this Tribunal is inclined to admit this application and accordingly initiate the process of CIRP of the Corporate Debtor. The Applicant has not proposed any insolvency resolution professional. This Tribunal, hereby, appoints Insolvency Professional namely, Mr. Mukesh Chand Jain having Registration Number IBBI/IPA-002/IP-N00960/2020-2021/13054 (Email [email protected]) as Interim Resolution Professional from the List provided by IBBI. 6. The IRP is directed to take charge of the respondent corporate debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IBC, 2016, within three....