2022 (7) TMI 1421

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....of the Insolvency and Bankruptcy Code, 2016 ('Code / IBC') read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('Rules, 2016'), with a prayer for initiation of Corporate Insolvency Resolution Process ('CIRP') against M/s. Shreeom Prime Foods Pvt. Ltd. ('Corporate Debtor / Respondent'). 2. The Applicant has its Registered Office at Gautam Industrial Area, 20 KM Mile Stone, Pugal Road, Shobhasar, Bikaner, Rajasthan - 334001. Application has been filed in Form-5 as prescribed in Rules, 2016 for the alleged default on the part of Respondent for non-payment of operational dues amounting to Rs. 1,12,09,157/-. 3. The Respondent, M/s Shreeom Prime Foods Pvt. Ltd., is a private limited company inco....

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.... 1,12,09,157/- Total Outstanding Principal Amount: Rs. 1,12,09,157/- Amount claimed to be in default and the date on which the default occurred The total amount to be in the default is Rs. 1,12,09,157/- The date of default is 09.09.2021 6. The Applicant submits that the sales of goods were made to the Corporate Debtor as per the Corporate Debtor's instructions and following the prescribed law. Further, it was argued that the payment has to be made immediately on raising the invoice; however, because of the long-standing business relationship between the parties, there was an implied understanding regarding the payment of dues. The aforesaid demand notice was served on 26.11.2021 through the post of the address of the Corporat....

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....r Section 9 of the Code stands satisfied. Hence, this Adjudicating Authority is inclined to commence CIRP against the Corporate Debtor as envisaged under IBC, 2016. 10. Under sub-section (4) of Section 9 of the Code, the Operational Creditor proposed Ms. Parul Goyal's name to be appointed Interim Resolution Professional ('IRP'), bearing Registration No. IBBI/IPA-001/IP-P02541/2021-22/13900 with the e-mail address [email protected] resident of B-5/24, Sector 4, Rohini, Near Vishram Chowk, Opposite Mother Divine Public School, New Delhi- 110085 in the present matter. The said IRP has filed the written consent to act as a resolution professional in Form-2 provided under Rule 9 of the Insolvency and Bankruptcy Board of India (Applicati....

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....he IRP shall carry out CIRP strictly as per the timelines specified and as envisaged under the provisions of the Code concerning the Corporate Debtor. iii. The said IRP shall act strictly following the provisions of the Code, and to defray her expenses to be incurred and fees on the account, the Applicant is directed to deposit a sum of Rs. 1,00,000/- (One Lakh Only) to the bank account of IRP within two weeks from the date of this order. This amount shall be proportionately contributed and reimbursed to the Applicant upon forming a Committee of Creditors. The IRP shall duly file a status report apprising this Adjudicating Authority about the progress of CIRP concerning the Corporate Debtor. In terms of Section 17 and 19 of the Cod....