TaxTMI 
TaxTMI 
TaxTMI 
2024 (4) TMI 1396
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....ankruptcy (Application to Adjudicating Authority) Rules, 2016 ("Adjudicating Authority Rules") for initiation of Corporate Insolvency Resolution Process ("the CIRP") against itself. The application has been filed through its Director Mr. Om Prakash Choudhary DIN: 09120744, duly authorised vide Board Resolution dated July 24, 2023, which is annexed as Annexure "B" at page 70-71 of the petition. The petition is supported by an affidavit duly affirmed by Mr. Om Prakash Choudhary, Director of the Corporate Applicant, which is placed at pages 11 and 13 of the petitions. 3. The Corporate Applicant was incorporated on 23/08/1996 vide Certificate of Incorporation issued by the Registrar of Companies, which is placed at page 16 of the petition (A....
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.... correspondences of the Financial Creditors along with the respective dues of each Financial Creditor is annexed as Annexure E at pages 85 to 86 of the application. e. The total debt owed to the Operational Creditors as on August 31, 2023 is Rs. 9,82,20,953.56/- (Rupees Nine Crores Eighty- Two Lakhs Twenty Thousand Nine Hundred Fifty-Three and Fifty-Six paise). A list of the names and addresses for correspondences of the Operational Creditors along with the respective dues of each Operational Creditor is annexed as Annexure F at pages 87 to 91 of the application. 5. The Corporate Applicant owes an amount of Rs. 23,39,06,595.26 /- (Rupees Twenty-three Crores Thirty-Nine Lakhs Six Thousand Five Hundred Ninety-Five and Tw....
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....d has also annexed his consent dated September 25, 2023 in Form 2 along with the Certificate of Registration by the Insolvency and Bankruptcy Board of India, which are annexed as Annexure D at page 84 of the application. 8. In support of its application, the Corporate Applicant has submitted, inter alia, the following additional documents with the application:- Document Annexure Page No. Financial Debts incurred by the Corporate Applicant Annexure I 99-100 Operational Debts incurred by the Corporate Applicant Annexure J 101-113 Trial Balance of the Corporate Applicant for the period starting from April 1, 2020 to March 31, 2021, April 1, 2021 to March 31, 2022, and April 1, 2022 to March 31, 2023 evidencing ....
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....s notified and the Corporate Applicant has not received any objection. 10. We have heard the Learned Counsel appearing for the Corporate Applicant and have perused the documents on record. 11. There is no dispute from any quarter that the debt is due and payable by the Corporate Applicant to various creditors and the Corporate Applicant is unable to pay the same. The default is certain from the Copies of Outstanding/Demand Notices from the Financial Creditors (Annexure O of Application at page 212-254) and Operational Creditors (Annexure P of Application at page 255-283). The Corporate Applicant has furnished the books of accounts for the relevant period under section 10(3)(a); the Corporate Applicant has proposed the name of the Inte....
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....iquidation of Corporate Applicant under section 33 of the IBC, as the case may be. d. Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. e. As per the proposal given by the Corporate Applicant, Mr. Arun Kumar Gupta (Registration No. IBBI/IPA-001/IP-P00013/2016-2017/10037) having email id: [email protected], of P-15, Bentinck Street, 3rd Floor, Kolkata 700001 is appointed as the Interim Resolution Professional ("IRP") subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency ....