TaxTMI 
TaxTMI 
2022 (4) TMI 1164
X X X X Extracts X X X X
X X X X Extracts X X X X
....of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Mahabali Innovative Technologies Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Application is filed by Mr. Deepak Navinchandra Shah, Associate Vice President of Financial Creditor vide its Board Resolution dated 04.12.2019, claiming total default of Rs. 55,60,031/- (Rupees fifty-five lakh sixty thousand thirty-one only) which includes: Principal Amount of Rs. 35,00,000/- Interest of Rs. 20,60,031/- 3. The Date of Default as mentioned in the Petition is 31.03.2018. The Petition is filed on 10.12.2019. 4. The case of the Financial Creditor is as under: a) The Financial Creditor granted Loan to....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to letter dated 21.05.2019 addressed by the Financial Creditor and directed to adjust security deposit provided by the Corporate Debtor against the interest due on loan of Rs. 3,31,427/-. 5. The Financial Creditor has submitted his Bank Statement held of HDFC Bank for the period from 01.07.2021 to 30.07.2021 which is at p. 67 of the Petition. The Financial Creditor has also submitted the Ledger Accounts which is at pp. 53-66 of the Petition. 6. The Corporate Debtor has filed its reply dated 04.02.2020 and submitted as under: a) The Corporate Debtor was incorporated on 1st May, 1996 under the Companies Act, 1956 with the object of trading of Video based product for photographer for editing/mixing and subsequently entered into ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....orporate Insolvency Process and accordingly Corporate Debtor has approached Insolvency Professional Mr. Hemanshu Kapadia, he has provided his consent for the same though Form 2 and thereafter held Extra-ordinary General Meeting on 1st April, 2019 accordingly passed the Resolution of Corporate Insolvency Resolution Process. h) The Corporate Debtor is unable to repay the amount of Operation Creditors as well as Financial Creditors and hence defaults have been committed by the Corporate Debtor. i) Therefore, Corporate Debtor has filed Petition under Section 10 of Insolvency Bankruptcy Code, 2016 before this Tribunal on 11th April, 2019 and served filed Petition under section 10 of IBC, 2016 to Registrar of Companies, Mumbai o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....proposed the name of Mr. Kairav Anil Trivedi, a registered insolvency resolution professional having Registration Number [IBBI/IPA-002/IP-N00728/2018-19/12332] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code and has also given his declaration that no disciplinary proceedings are pending against him. ORDER This Application being C.P. (IB) No. 4479/NCLT/MB/C-IV/2019 filed under Section 7 of I&B Code, 2016, filed by Inventure Finance Private Limited, Financial Creditor/Applicant against Mahabali Innovative Technologies Private Limited, Corporate Debtor for initiating Corporate Insolvency Resolution Process is admitted. We further declare moratorium u/s. 14 of I&B Code with consequent....
X X X X Extracts X X X X
X X X X Extracts X X X X
....te insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I&B Code or passes an order for the liquidation of the corporate debtor under section 33 of I&B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I&B Code. VI. That this Bench appoints Mr. Kairav Anil Trivedi, a registered insolvency resolution professional having Registration Number [IBBI/IPA-002/IP-N00728/2018-19/12332], E-mail: [email protected] as Interim Resolution Professional to carry out the functions as mentioned under I&B Code, the fee payable to IRP/RP shall comply with....