2022 (5) TMI 1047

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....te Corporate Insolvency Resolution Process (CIRP) against Avanti System Integrators Private Limited (hereinafter called "Corporate Debtor") alleging that the Corporate debtor committed default in making payment to the Operational Creditor. This petition has been filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 12,85,64,268/-. 3. The Submissions of the Operational Creditor are as follows: a. The Operational Creditor states tha....

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....tanding amount, the Corporate Debtor willfully and/or deliberately failed and neglected to make payment of the said outstanding dues. e. The Operational Creditor has also annexed copy of Bank Statement for the year 07.04.2016 till 10.10.2018. The Operational Creditor has also annexed Certificate under Section 9 (3) (c) of the Insolvency and Bankruptcy Code dated 10.10.2018 by Union Bank of India confirming that there is no payment of unpaid Operational Debt from the Corporate Debtor. f. The Operational Creditor has also submitted the ledger account of the Corporate Debtor in the books of the Operational Creditor for the year ended 01.04.2005 to 30.09.2018 which corroborates the amount claimed. 4. No Submissions of the C....

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....his claim. 8. The Operational Creditor has also produced on record a copy of Certificate from Union Bank of India, wherein the Operational Creditor was maintaining accounts as to no payment of unpaid Operational Debt of Rs. 12,85,64,268/- was received from the Corporate Debtor. 9. Further, on the basis of the evidences on record the Operational Creditor has established that he has delivered services to the Corporate Debtor Company for which an amount of Rs. 12,85,64,268/- is due and a default has also occurred. Considering these facts and circumstances, the nature of the Debt is an 'Operational Debt' as defined under section 5 (21) of the Definitions under The Code. There is a "Default" as defined under section 3 (12) of The C....

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....er Section 9 of the Code. 13. For the foregoing reasons, the above Company Petition is liable to be admitted, and accordingly the same is admitted by passing the following: ORDER 14. The above Company Petition No. (IB) -4601 (MB)/2018 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Avanti System Integrators Private Limited. 15. This Bench hereby appoints Mr. Vinodkumar Pukhraj Ambavat, Insolvency Professional, Registration No: IBBI/IPA-001/IP-P00420/2017-18/10743 as the Interim Resolution Professional having address at 40/9/15, Morarji Velji Building, 1st Floor, Dr. MB Velkar Street, Kalbadevi Road, Mumbai - 400002 to carry out the functions as mentioned under the Insolvency ....