TaxTMI 
TaxTMI 
2022 (5) TMI 871
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....orate Insolvency Resolution Process (hereinafter referred to as "CIRP") against the Corporate Debtor M/s. Map Oil LLP, having Identification No. LLPIN:- AAF-4591 for the default amount of Rs. 1,49,20,054/-. 2. It is submitted that the Registered office of the Corporate Debtor is situated at 10th Floor, D Block, Ganesh Meridian, Opp. Gujarat High Court, S.G. Highway, Ahmedabad, Gandhinagar, Gujarat-380061. Hence, this Adjudicating Authority has jurisdiction to adjudicate this application. 3. It is submitted that the Corporate Debtor placed an order to purchase cotton-seed oil from the Operational Creditor. Goods were supplied as per the purchase order to the Corporate Debtor. The Operational Creditor raised four invoices against the su....
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....and notice. Hence, this application is filed for initiation of CIRP against the Corporate Debtor. 6. The Corporate Debtor filed its reply on 24.12.2021 wherein the Corporate Debtor has admitted the outstanding amount of Rs. 1,49,20,054/- and further stated that due to financial crunch, the Corporate Debtor is unable to pay the outstanding amount to the Operational Creditor. 7. The Corporate Debtor further stated that the account of the Corporate Debtor has been classified as NPA by the Bank and the Corporate Debtor is in process of restructuring the said account. As soon as the account of the Corporate Debtor is restructured, the entire outstanding amount of the applicant shall be paid. 8. Heard both sides and perused the material ....
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.... (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. Moreover, during the pendency of the moratorium period, terms of section 14 (2) to 14(4) of the code shall come in force. 12. The order of moratorium shall have effect from....
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.... or any other person required to assist or co-operate with the IRP, do not assist or Co-operate. IRP is at liberty to make the appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 15. The IRP shall make the public announcement of the initiation of the Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1) (b) of the IBC, 2016. 16. We direct the Applicant to deposit a sum of Rs. 2,00,000/- with the Interim Resolution Professional, namely CA Dhaval Jitendrakumar Mistry to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of the Insolvency and Bankruptcy Board of India (Ins....