TaxTMI 
TaxTMI 
2022 (7) TMI 870
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.... filed under section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Vikash Parasprampuria Sole Proprietor of Chiranjilal Yarn Traders, ("the Operational Creditor"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bombay Rayon Fashions Limited ("the Corporate Debtor"), [CIN: L17120MH1992PLC066880]. 2. The Corporate Debtor is a company incorporated on 21.05.1992 under the Companies Act, 1956, as a public company limited by shares with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is L17120MH1992PLC066880. Its registered office is at 3rd Floor, DLH Mangal Murti Building, Linking Road, Santacruz (West) Mumbai-400054. Therefore, this Bench has jurisdiction to deal with th....
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.... 20,64,000 2,47,680 23,11,680 03/06/2018 5. GSTSL/4063 16/01/2020 26,01,300 3,12,156 29,13,456 18/01/2020 6. GSTSL/4064 16/01/2020 26,01,300 3,12,156 29,13,456 18/01/2020 7. GSTSL/4114 21/01/2020 13,70,685 1,64,482 15,35,167 23/01/2020 8. GSTSL/4176 25/01/2020 9,00,450 1,08,054 10,08,504 09/02/2020 9. GSTSL/4257 01/02/2020 3,30,165 39,620 3,69,785 03/02/2020 TOTAL 2,02,26,017 c) The Operational Creditor submits that, the Corporate Debtor accepted the goods without any demur or any protest or dispute there by further made Part Payments on the invoices. The....
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....erest". A copy of the judgement is annexed as Exhibit B in Written Submissions. Findings: 5. It is observed that, the corporate debtor had not filed the reply. Both the parties were directed to file Written Submissions, but only Operational Creditor has filed and the same is taken on record. The case was extensively argued by Counsel from both the sides. 6. The Last date of invoice is 01.02.2020 and the date of filing is 30.12.2020 and it is well within the Limitation. This Bench has jurisdiction to deal with this Company Petition. 7. It is observed by the Bench that the Corporate Debtor had time and again by its letter, invoices and by making part payment acknowledged its liability. Therefore, the Petition made by the Ope....
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.... a) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Inte....
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....e fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. The IRP shall carry out functions as contemplated by Sections 15,17,18,19,20,21 of the IBC. f) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. g) The Operational Creditor shall deposit a sum of Rs.5,00,000/- (Rupees five lakh only) with the IRP to ....