2022 (4) TMI 80

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....ocess ("CIRP") against Subhlaxmi Compusis Private Limited ("Corporate Debtor"). 3. The present petition was filed on 21.08.2019, before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 56,30,210/- (Rupees Fifty Six Lakh Thirty Thousand Two Hundred Ten only). The date of default is 24.09.2018. The Operational Creditor has issued different invoices falling due on different dates Annexure C of the Petition. Submission of the learned Counsel for the Operational Creditor 4. The Operational Creditor was engaged by the Corporate Debtor for providing services on legal, income tax and other statutory matter Engagement letter dated 17.08.2018. As per the engagement letter issued by the Corp....

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....mitted that they are willing to settle the matter and clear the dues. 10. Further, it is apparent from the record that the Ld. Counsel appearing on behalf of the Corporate Debtor last appeared on 13.02.2020 and undertook to file vakalatnama and affidavit-in-reply. However, none appeared on behalf of the Corporate Debtor since then. Neither any reply has been filed by the Corporate Debtor even after receiving Court Notices. The matter was set ex-parte on 30.11.2021. 11. In view of the above circumstances, the present petition made by the Operational Creditor is complete in all respect as required by law. The petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default is more than the minimum ....

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....of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. f. During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their kn....