TaxTMI 
TaxTMI 
TaxTMI 
2022 (6) TMI 1214
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....to initiate corporate insolvency resolution process ("CIRP") under Section 9 of the Insolvency and Bankruptcy Code 2016 ("the Code") of the Respondent M/s. ASPG Infrastructures Pvt. Ltd. for the alleged default on the part of the Respondent in clearing the debt of Rs. 1,79,63,109 (Rupees One Crore Seventy Nine Lakhs Sixty Three Thousand One Hundred Nine) including outstanding principle of Rs. 1,14,77,632 (Rupees One Crore Fourteen Lakhs Seventy-Seven Thousand Six Hundred and Thirty Two) and Rs. 64,85,477 (Rupees Sixty Four Lakhs Eighty Five Thousand Four Hundred and Seventy Seven) as interest till 04.10.2019 i.e. the date of issue of demand notice as alleged by the Applicant. The details of transactions leading to the filing of this applica....
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....r the Corporate Debtor filed its reply on behalf of the Corporate Debtor as below:- * That, the Operational Creditor has filed the present application to claim illegal money from the Corporate Debtor for the goods that were never received by the Corporate Debtor. * That, the Corporate Debtor is engaged in the business of real estate activities and the Corporate Debtor has a sound financial position which is reflected from the balance sheet of the Corporate Debtor 2018-2019 which shows the total assets of the Corporate debtor as on 31st March 2018 are 18,46,34,940 (Rupees Eighteen Crores Forty Six Lakh Thirty Four Thousand Nine Hundred Forty) and total revenue from operations for the same Financial Year is 19,01,29,169 (Rupees Nineteen C....
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....reditor. 3. The Operational Creditor has filed rejoinder to the reply of the Corporate Debtor stating that: * That, the Corporate Debtor has raised frivolous objections with a sole purpose to confuse the Ld. Adjudicating Authority. * That, the Applicant denied that the allegation made by the Corporate Debtor of Non-Delivery of goods and stated that the goods were delivered by the Applicant to the Operational Creditor and the Operational Creditor has the knowledge of the same and the Applicant placed some receipt of transportation to claim that the goods were delivered to the Corporate Debtor. * That one of the representatives of the Corporate Debtor, Mr. Tushar Gupta on 31.05.2017 asked for copy of excise invoice via email against on....
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....onal Creditor as well as Learned Counsel for the Corporate Debtor. The claim filed by the Operational Creditor is admitted by the Counsel for the Corporate Debtor and the Counsel for the Corporate Debtor has submitted that the admission is made as per the instruction of her client and her client is unable to pay the amount claimed in the section 9 application. Order is reserved in the matter. This order is dictated in open Court where Counsels for both the parties are physically present." It is clear from this order that the Counsel for the Corporate Debtor has specifically admitted the debt and submitted to the Tribunal to pass appropriate orders. The counsel for the Corporate Debtor, on instructions of her client, has therefore admitted ....
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.... 9811160725), Reg. No. IBBI/IPA-001/IPP01308/2018-19/12053 is being confirmed by this Bench. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15, 17 and 18 of the Code and file his report within 30 days before this Bench. Mr. Ram Phal Bhardwaj has agreed to accept the appointment as the interim resolution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 dated 21.01.2021. (ii) Section 16(3)(b) of the Code mandate that the Resolution Professional proposed by the Operational Creditor shall be appointed as the Interim Resolution Professional (IRP) by the Adjudicating....