TaxTMI 
TaxTMI 
2022 (8) TMI 1056
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....ules, 2016 ('Rules') by Harish Stores through its authorised signatory Mr. Manoj Jainani ('Applicant'), claiming to be an Operational Creditor with a prayer for initiation of Corporate Insolvency Resolution Process ('CIRP') against M/s Fandan Health and Beauty Private Limited ('Respondent' / 'Corporate Debtor'). 2. The Applicant has its registered office at 248-249, Kishanpole Bazar, Jaipur-302021 (Rajasthan), and is involved in the distribution of fitness and spa equipment. The Application has been filed in Form 5 as prescribed in Rule 6(1) of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 3. The Respondent is a private limited Company incorporated under the Companies Act, 2013 on 09.12.2013, duly register....
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....invoices amounting to total debt of Rs. 1,61,930/- (Rupees One Lakh Sixty-One Thousand Nine Hundred and Thirty Only). Copy of part-payment made is annexed at Page 248 of the Application. 6. The Applicant further submits that excluding the aforesaid part-payments made by the Respondent, a sum of Rs. 2,47,456/- (Rupees Two Lakh Forty-Seven Thousand Four Hundred and Fifty-Six Only) including interest @ 18% per annum is charged on outstanding invoices. Copy of the same is annexed in Annexure - 2 of the Application. 7. Applicant issued and served a Demand Notice dated 23.11.2019 to the Respondent under Section 8 of the Code as per Form 3 as prescribed under Rule 5 of the Rules at its registered office demanding a sum of Rs. 2,47,456/- (Rupees ....
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....hich such debt fell due: 16.12.2016. 10. Notices were issued in the aforesaid Application, and the Respondent has failed to file a reply in this regard. Therefore, this Adjudicating Authority vide its Order dated 20.05.2022 proceed in the instant matter ex-parte as the Corporate Debtor has not appeared before the Court proceedings on various dates of hearing stated in the notices, in spite of the notices being duly served upon it by the Registry and the Applicant through various mode(s) of service in this regard. 11. As per the terms mentioned in the quotation letter and mutual understanding between the parties, the payment has to be made 50% in advance and the remaining 50% at the time of confirmation of full delivery. Such delivery of e....
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....erational debt. The Respondent has not filed a reply in this regard. However, considering communication on record between the parties, there is no dispute regarding the goods' supply and quality. Thus, as per documents placed on record with the adjudicating authority, there is no dispute as to the outstanding liability of the Respondent/ Corporate Debtor towards the Applicant/ Operational Creditor. 16. Further, the Corporate Debtor in its Audited Financial Statement as of 31.03.2019 has acknowledged its liability towards the Operational Creditor. Copy of the Audited Financial Statement of the Corporate Debtor is annexed in Annexure - 9 (Colly) of the Application. 17. We have gone through the contents of the Application filed in Form No.5 ....
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....dicating Authority) Rules, 2016. The credentials of the proposed IRP have been checked from the IBBI website, and nothing adverse is found on record. 20. In this matter, the Interim Resolution Professional appointed herein, Mr. Sudhir Bhansali, shall exercise all the powers enumerated under the Code read with Rules made thereunder. The Applicant shall provide a copy of the Application, if not provided already, along with this Order to IBBI for its records. 21. The IRP is directed to take all such steps as are required under the statute, inter-alia in terms of Sections 15, 17, 18, 19, 20, and 21 of the Code, and transact proceedings with utmost dedication, honesty and strictly under the provisions of the Code, and Rules and Regulations the....