2022 (5) TMI 1205

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.... by Mr. Nipun Jian proprietor of M.N. Jewellers with a prayer to trigger Corporate Insolvency Resolution Process against of Corporate Debtor M/s. Goel Jewellery & Mart Pvt. Ltd. As succinctly put, the facts of the present case are that the corporate debtor had inter alia placed oral purchase orders, to the applicant, seeking the supply of 12 Pc's Diamond of 18.22 Carat and 12 Pc's Solitaire Diamonds of 18.22 Carat. 2. Oral purchase orders were raised by respondents in the year 2019, the applicant supplied the goods and raised the invoice bearing No. 105 dated 06.04.2019 for an amount of Rs. 32,87,799/-. Further the applicant also raised invoice bearing No. 109 dated 08.04.2021 for an amount of Rs. 70,00,000/-. Thereafter, the app....

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....o prove its claim: i. Invoices raised by them dated 06.04.2019 and 08.04.2019. ii. Copy of Bank Account Statements of the bank where the account of operational creditor is maintained. 6. We have heard Ld. Counsel for the Petitioner and thoroughly perused the case records. There is a clear admission of the corporate debtor in its reply that the default has occurred and it is unable to make payments due to lack of funds. Therefore, it is most appropriate that CIRP must be initiated and the management of the company shall be vested in the hands of a professional agency. The Scheme of the code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution proces....