2022 (10) TMI 741

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....lution Process (CIRP) against M/s. Ambica Polad Private Limited called as Corporate Debtor by invoking the provisions of Section 9 Insolvency and Bankruptcy code (hereinafter called "Code" read with rule 6 of Insolvency & Bankruptcy (Application to Adjudication Authority) Rules, 2016 for a Resolution of Operational Debt of Rs. 29,36,052/- including interest on delay of payment. 2. The Petitioner attached the following documents, to demonstrate the existence of Debt: a. Invoices raised by the Operational Debtor along with delivery challans; b. Post-dated cheques; c. Memorandum of Understanding, dated 15.09.2017; d. Financial Statements of the Corporate Debtor; e. Demand Notice dated 31.12.2018.....

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..... Thereafter the Petitioner and Respondent, with a view to settle the outstanding amount, executed a Memorandum of Understanding, dated 15.09.2017 ("said MoU"). The MoU was entered between V.K. Enterprises through its proprietor, Mr. Vithal K. Akkar and the Operation Creditor, M/s Laxmi Corporation. Mr. Vithal K. Akkar was one of the Director of the Corporate Debtor. Under the said MoU, the Director of Corporate Debtor agreed to make payment before or upto 31.03.2018, with interest 18%, from 30.06.2015 on the outstanding amount stated in the MoU. The MoU also revealed that if the Corporate Debtor fails to make the payments, then the Corporate Debtor will make registration of sale deed of a Property, of V.K. Enterprises, Plot No. W-8-B, MIDC....

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.... In view of the aforesaid MOU, dated 15.09.2017, and the Annexure to Notes in the Financial Statements, the current application is not barred by law of Limitation. Findings 9. The Corporate Debtor did not choose to file any reply contesting the above Company Petition, and also has not complied with this Tribunal order dated 13.06.2022 in which the Corporate Debtor was directed to appear and if he failed to appear, then Corporate Debtor matter will be set ex-parte and the case would be heard on merits. However, the Corporate Debtor did not appear before this Bench on the appointed date i.e. 22.07.2022. 10. Heard the counsel appearing for the Operational Creditor. The Ld. Counsel appearing for the Operational Creditor invited the att....

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....rated the existence of "debt" and "default" committed by the Corporate Debtor in this case. 14. Accordingly, the above Company Petition is admitted by passing the following: ORDER A. The above Company Petition No. (IB) 749 of 2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Ambica Polad Private limited B. Since the Operational Creditor has not suggested the name of IRP to perform the duties of the Interim Resolution Professional (IRP) in the petition, this Bench is appointing the IRP from the list furnished by the Insolvency and Bankruptcy Board of India (IBBI). This Bench hereby appoints Mr. Avil Jerome Menezes, Insolvency Professional, Registration No : IBBI....