2022 (6) TMI 778

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....le Technical Member 1. This Application has been filed by Mr. Pawan Garg, proprietor of M/s V.R. Trading Company ('Operational Creditor' / 'Applicant') under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('Code' / 'IBC') read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('Rules 2016'), with a prayer for initiation of Corporate Insolvency Resolution Process ('CIRP') against M/s Sewa Steels Pvt. Ltd. ('Corporate Debtor' / 'Respondent'). 2. The Applicant has its registered office at W-65, Phase 2, Mayapuri Industrial Area, New Delhi - 110064. The Application has been filed in Form 5 as prescribed in Rules, 2016 for the alleged default on the part of the Respondent for the non-paymen....

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....alongside interest, with interest calculated at the rate of 21% per annum, as an outstanding amount, which is enumerated in Part IV of the Form - 5 filed with the Application: PART IV Particulars of Operational Debt The total amount of debt, details of transactions on account of which debt fell due, and the date from which such debt fell due Amount of Debt Due: Rs. 1,18,85,081/- Total Outstanding Principal Amount: Rs. 42,67,140/- Total Compound Interest: Rs. 76,08,941/- Amount claimed to be in default and the date on which the default occurred The total amount to be in the default is Rs. 1,18,85,081/- The default is a continuous default which started on 04.03.2019. 6. The Applicant submits that the sales of goo....

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....rther submitted that the business conducted by the company is of running the furnace and melting iron scrap into ingots, and the entire enterprise was under the care of its late director, Sh. Virendra Kumar, including the control and supervision. Hence, Respondent No. 2 does not know the business activity or the financial transactions undertaken by the Corporate Debtor. Given the aforementioned reasons, she is in no position to file a detailed reply to the company petition. 10. It has been shown that the Corporate Debtor has failed to make payment of the aforesaid amount due to date as mentioned in the statutory notice. It is also observed that the conditions under Section 9 of the Code stand satisfied. Hence, this Adjudicating Authority....

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....rity, Mr. Arun Chadha, is directed to take over the affairs of the Corporate Debtor and duties as required to be performed by him under the provisions of the Code, including the issue of a publication in widely circulated Newspapers as contemplated under the provisions of the Code, calling for claims from the creditors of the Corporate Debtor and collation of the same shall be done. (ii) Further, as a sequel of admission, a moratorium, as envisaged under Section 14 of the Code, is invoked concerning the Corporate Debtor, which will be in vogue during the CIRP of the Corporate Debtor. The IRP shall carry out CIRP strictly as per the timelines specified and as envisaged under the provisions of the Code concerning the Corporate Debtor....