TaxTMI 
TaxTMI 
2022 (8) TMI 653
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....revity 'Operational Creditor' / 'Petitioner'), represented by its Director Mr. Ashwani Kumar, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of SNS Laboratories Limited (for brevity 'Corporate Debtor' / 'Respondent'). 2. The Corporate Debtor, namely, SNS Laboratories Limited, is a Company incorporated on 18.09.1985 under the provisions of Companies Act, 1956 with CIN No. L85110HR1985PLC022029 with its registered office at Office No. 332, 3RD Floor , S.S. Plaza Commercial Complex, Mayfield Garden, Sector -47 Gurgaon HR 122001 IN. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of corporate debtor is attached with the main petition and marked as Annexure A. 3. ....
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....cy Professionals of ICAI. 7. Accordingly, order dated 15.10.2019 notice of this petition issued to the corporate debtor to show cause as to why this petition be not admitted. The corporate debtor has filed reply vide diary No.00232/3 dated 31.08.2021 through its Director, Mr. Ram Sunder, whereby it states that the corporate debtor is not in a financial position to pay back the claimed amount. 8. The petitioner operational creditor submitted in its rejoinder vide Diary No. 00232/6 dated 18.11.2021 that the corporate debtor has never been in a position to pay the defaulting amount claimed by the petitioner. 9. We have heard the learned counsel for the petitioner and corporate debtor and have perused the records. 10. The first issue for co....
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....herefore, the period of limitation would begin from the date of default i.e. 16.05.2019. This application was filed on 01.10.2019 vide Diary No. 5283. Therefore, this Adjudicating Authority finds that this application is filed within limitation. 13. We have gone through the contents of the application filed in the Form 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs.6,68,470/- with interest. The operational creditor has supplied payroll software to the corporate debtor and raised invoices attached as Annexure-D. Ledger accounts maintained by the operational creditor have been attached at Annexure-E. Accordingly, the petitioner proved the debt and the default, which is more....
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....unal, arbitration panel or other authority; b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. 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 Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002; d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or s....
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....Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession an....