TaxTMI 
TaxTMI 
2022 (6) TMI 1183
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....itiation of Corporate Insolvency Resolution Process (CIRP) against itself. The Application has been filed through its Authorised Representative, Mr. Naresh Kothari, duly authorised vide Board Resolution dated 17 November 2021. A copy of the Board Resolution dated 17 November 2021 is annexed to the Petition and marked as Annexure-B on Page 39. The total debt is owed to the i. Financial Creditors is Rs. 3,86,93,236/- (Rupees Three Crore Eighty Six Lakh Ninety Three Thousand Two Hundred and Thirty Six only) ii. Operational Creditors is Rs. 58,81,499/- (Rupees Fifty Eight Lakh Eighty One Thousand and Four Hundred and Ninety Nine only). 3. In 2004, Government of India started a mission to support such unit which were base....
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....assed in the Annual General Meeting held 20 October 2021 to file the application under section 10 of the Code. A copy of the Resolution dated 20 October 2021 is annexed to the Petition and marked as Annexure-C at Page 40. 7. That the Corporate Person has two Financial Creditors, viz. Reliance Asset Reconstruction Company Limited and Technology Information Forecasting and Assessment Council and eight Operational creditors viz. Assam Industrial Development Corporation, Bharat Sanchar Nigam Limited, Sunn, Shillong, Swati Mining Private Limited, Provident Fund (payable), ESIC (payable), P Tax (payable) and CST (payable). 8. In support of its Application, the Corporate Applicant has submitted, inter alia, the following documents:- ....
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....hat the Corporate Debtor is in default of a debt that is due and payable, and the default is more than the threshold amount as stipulated under section 4(1) of the Code at the relevant time. The default stands established and there is no reason to deny the admission of the present Application. 14. Therefore, in the light of the facts stated in the application and the evidence placed on record, this Adjudicating Authority admits this Application and orders initiation of CIRP against the Corporate Debtor under the following terms:- (a) The Application bearing C.P.(IB) No. 25/KB/2022 filed by the Corporate Applicant under section 10 of the Insolvency & Bankruptcy Code, 2016, is hereby admitted for initiating the Corporate Insolvenc....
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....ow. (g) The IRP/RP shall submit to this Adjudicating Authority periodical reports on quarterly basis with regard to the progress of the CIRP in respect of the Corporate Debtor. (h) The Corporate Applicant to pay to IRP a sum of Rs. 3,00,000/- (Rupees Three Lakh only) to meet the initial costs, as per Regulation 33(3) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which amount shall be adjusted at the time of final payment. (i) The Resolution Professional shall conduct CIRP in a time-bound manner as per Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. (j) The Court Officer of this Court is hereby directed to communicate thi....