TaxTMI 
TaxTMI 
2022 (11) TMI 928
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....r seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mudra Denim Pvt. Ltd. herein after referred to as Corporate Debtor by invoking the provisions of Section 9 Insolvency and Bankruptcy code (hereinafter called "Code") read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudication Authority) Rules, 2016 for a Resolution of Operational Debt of Rs. 47,96,754/-. 2. The Petitioner attached the following documents to demonstrate the existence of Debt: a. Bank Certificate Dated 01.04.2018; b. Copy of Purchase Orders issued by the Respondent; c. Copy of Outstanding Invoices and delivery challans; d. Debit Notes raised by the Operational Creditor dated 13.08.2018 and ....
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....the delivery challans being duly acknowledged by the Respondent. 7. The Petitioner submits that, upon supply of goods as per the requirement of the Respondent, the Petitioner raised Invoices from time to time. It is the Petitioners case that the Corporate Debtor failed to make the payments of the Invoices raised from 07.02.2018 till 19.03.2018 (three Invoices) The details of the said Invoices are as follows; Sr. No. Invoice No. Invoice Date Pending Amount (in Rs.) 1 YARN/467 07.02.2018 8,97,489/- 2 YARN/501 22.02.2018 15,61,683/- 3 YARN/553 19.03.2018 15,50,758/- Total 40,09,930/- 8. The total outstanding amount due and payable by the Corporate Debtor is Rs.40,09,930/-, for t....
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....ed on the Corporate Debtor. Findings 13. The Corporate Debtor did not choose to file any reply, contesting the above Company Petition. The Corporate Debtor has not complied with the order of this Bench, dated 18.07.2022, in which the Corporate Debtor was directed to submit a copy of reply, before next date and argue the matter, failing which the argument of the Corporate Debtor would be treated as heard. The Corporate Debtor did not furnish any reply and did not appear before this Bench on 23.09.2022. The Corporate Debtor was set exparte. 14. Heard the counsel appearing for the Operational Creditor. The Ld. Counsel appearing for the Operational Creditor invited the attention of this Bench to the various purchase orders, invoices an....
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....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. Paresh Chandulal Mehta , Insolvency Professional, Registration No: IBBI/IPA-003/IP-N0099/2017-2018/11008, having email Id- [email protected] and contact no -7021008921 as the interim resolution professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. c. The Operational Creditor shall deposit an amount of Rs.2 Lakhs towards the initial CIRP costs by way of a Demand Draft drawn in favour of the Interim Resolution....
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....ncy resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. j. Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Master Data of the Corporat....