2022 (5) TMI 15

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....nt for supplying Crude Palm Oil. A total of six transactions happened between the parties. Out of the said 6 invoices, payments with respect to three invoices were made in the year 2017-2018 and the payment for the remaining three invoices was not made. 2. The Applicant/Operational Creditor issued a Demand Notice under Section 8 of IBC, 2016 to the Corporate Debtor on 13.03.2020, which was duly served upon the Corporate Debtor through an e-mail on the same date. The Corporate Debtor in his reply dated 16.03.2020 to the said Section 8 notice admitted the default and requested a grant of time for making the payment. The amount in default in the present case is Rs. 39,88,27,536/- (being US$ 5,362,027 converted at exchange rate @ Rs. 74.38 (....

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.... a clear case of the default has been made out by the Applicant and the present application under Section 9 IBC needs to be admitted. 7. The Applicant has proposed the insolvency resolution professional. This Tribunal, hereby, appoints Insolvency Professional namely, Mr. Alok Kumar Agarwal having Registration Number IBBI/IPA-001/IP-P00059/2017-18/10137 (Email ID- [email protected]) as Interim Resolution Professional as proposed by Operational Creditor. 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 days from the date of this order received, and call for submissions of....