TaxTMI 
TaxTMI 
2022 (5) TMI 310
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.... of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as a Financial Creditor for initiation of Corporate Insolvency Resolution Process ('CIRP') against the M/s. Mahip Industries Ltd. (for brevity 'Corporate Debtor'). 2. The Applicant is a company limited by shares, incorporated under the provisions of the Companies Act, 1956 on 18.10.1985 and duly registered with the Registrar of Companies, Ahmedabad, with CIN No. U17120GJ1985PTC008194. The registered office is located at 4, Shree complex, shreenagar society, stadium Road, Post Navjeevan, Ahmedabad-380014. 3. The Corporate Debtor is a company limited by shares, incorporated under the provisions of the Companies Act, 1956 on 14.11.1995, duly....
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....nt agreement has been entered into. 7. Thereafter, the Corporate Debtor filed several objections to the claims of Financial Creditor that the petitioner has not provided the copies of the entries in the Bankers Books, that the application fee is not being completely paid. The Corporate Debtor further claimed that the petition is barred by the law of limitation. 8. Thus, the Applicant filed present Application under Section 7 of the Code. As per Form-I of the Application, total amount claimed by the Applicant is Rs. 17,42,753/- as on 31.10.2019. 9. After hearing arguments, the Applicant has filed its written submissions and further submitted that the Corporate Debtor has not denied the debt and that the Corporate Debtor has also serviced ....
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....There is a payment of 50 lakhs has not been denied and the Financial Creditor has also annexed in the petition year vise ledger account of Corporate Debtor in which the interest has also been charged. Therefore, the present Application is within the period of limitation and not barred by law. In view of the above observations, the present application is admitted with the following order: i. The Corporate Debtor, M/S Mahip Industries LTD admitted in Corporate Insolvency Resolution Process. ii. We appoint Mr. Umesh H. Ved to be appointed as Interim Resolution Professional (IRP), who is hereby appointed as IRP of the Corporate Debtor having Registration No. IBBI/IPA-002/IP-N00136/2017-2018/10376 and address at 304, Shoppers Plaza-V, Govt.....
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....as and when he takes charge of assets and management of the Corporate Debtor. vi. The IRP so appointed shall make the Public announcement of the Corporate Insolvency Resolution Process (CIRP) be made immediately as specified under Section 13 of the Code and by calling for submissions of the claim under Section 15 of the Code. vii. The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with the Corporate Debtor, its Promoter, or any other person associated with management of the Corporate Debtor are under legal obligation as per Section 19 of the Code to extend every assistance and co-operation to the Interim Resolution Profession....