TaxTMI 
TaxTMI 
2022 (2) TMI 95
X X X X Extracts X X X X
X X X X Extracts X X X X
....39;) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s BMSS Steel Industries Private Limited, a private limited company under provisions of the Companies Act, 1956 (for brevity 'Petitioner') through one of its Director, Mr. Vivek Ashish Goradia with a prayer to initiate the Corporate Insolvency process against M/s Forge India Private Limited, (for brevity 'Corporate Debtor'). 2. The petitioner is a private limited company under the provisions of the Companies Act, 1956, having its CIN No. U74999MH1987PTC030023 and having its corporate office at 366, S.V.P. Road, Prathana Samaj, Mumbai - 400004, Maharashtra. The petitioner is engaged....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ition nor made any payment towards the outstanding dues. 6. As claimed by the petitioner, the corporate debtor is liable to pay a principal amount of Rs. 4,21,379/- (Rupees Four Lakh Twenty One Thousand Three Hundred and Seventy Nine Only) (plus interest @24% per annum from 01.05.2019 to till date of actual realization). 7. The petitioner has proposed Mr. Mohit Chawla, bearing Registration No. IBBI/IPA-001/IP-P00524/2017-2018/10949 as Interim Resolution Professional. The consent of Mr. Mohit Chawla (proposed Interim Resolution Professional) is furnished in Form 2 and the same is filed vide Diary No.00341/2 dated 03.01.2020. It has been stated in Form 2 that no disciplinary proceedings are pending against him with the Board or Indian Insti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....5.2019 was properly served. The demand notice was delivered via speed post at the registered address of the Corporate Debtor. The original postal receipts are attached as Annexure-8 of the petition. In view of the same, it is held that the demand notice has been duly served. 14. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It is submitted in short reply by the Corporate Debtor vide Diary No.00341/01 dated 15.12.2021 that the Corporate Debtor in the e-mail dated 29.12.2018 admits the outstanding payment to the extent of principal amount only. The said e-mail has also been annexed in the main petition as Annexure A-7 at page No.25. It is also submitted by the Corporate Debtor that it ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....onditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIR Process in the case of the Corporate Debtor, M/s BMSS Steel Industries Private Limited and also direct moratorium to take effect and appoint Interim Resolution Professional as below. 19. We declare the moratorium in terms of sub-section (1) of Section 14 of the Code, as under:- a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial inte....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Services P. Ltd., SCO 2935-36, Level-I, Sector 22-C, Chandigarh, 160022 as the Interim Resolution Professional with the following directions: - i.) The term of appointment of Mr. Mohit Chawla shall be in accordance with the provisions of Section 16(5) of the Code; ii.) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoi....