2022 (8) TMI 545

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ivate Limited - Corporate Debtor. The amount of debt in default is Rs. 8,58,956/- including interest. The date of default as stated to be 16.08.2017. 2. The averments made by the Operational Creditor are summarized as under:  (i) There were business relations between the Operational Creditor and the Corporate Debtor, the Operational Creditor supplied the goods to the Corporate Debtor as per the requirement of the Corporate Debtor. The operational debt in default is stated to be of Rs. 8,58,956/- (Principal outstanding amount is Rs. 5,51,933/- + Interest @ 18% charged upto 28.11.2019 i.e. Rs. 3,07,023/-). The Operational Creditor received last payment of Rs. 1,00,000/- from the Corporate Debtor on 16.08.2017.  ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ties to the Corporate Debtor, none appeared on behalf of the Corporate Debtor. The present application is complete in view of Section 9(5) of the IB Code, 2016. The present application has been filed on 01.01.2020 and the claim amount of Rs. 8,58,956/- meets the threshold limit as prescribed under Section 4 of the IB Code, 2016. It is also well within the limitations. 6. In view of the above stated discussion, it is found that the present IB Petition is complete and fit for triggering the Insolvency Resolution Process in respect of Corporate Debtor. Therefore, the present IB Petition, filed under Section 9 of the Code, deserves admission. The Operational Creditor did not suggest the name for appointment of Insolvency Resolution Professio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....porate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency & Bankruptcy Code, 2016, as the case may be. iv) We hereby appoint Mr. Hiten Mukundbhai Parikh having Registration No. IBBI/IPA-002/IP-N00309/2017-18/10898, (E-mail ID: [email protected]) to act as an IRP under Section 13(1)(c) of the Code. He shall conduct the Corporation Insolvency Resolution Process as per the provision of Insolvency and Bankruptcy Code, 2016 r.w. Regulation made thereunder: v) The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18,....