TMI Blog2019 (5) TMI 1105X X X X Extracts X X X X X X X X Extracts X X X X ..... scribed under The Code have been completed by the Petitioner/ Operational Creditor, it is my conscientious view that this Petition deserves Admission - Upon Admission of the Application and Declaration of Moratorium the Insolvency Process such as Public Announcement etc. shall be made immediately as prescribed under section 13 read with section 15 of The Code. Application admitted. - C.P. (IB)-3234/MB/2018 - - - Dated:- 13-3-2019 - Shri M.K. Shrawat, Member (Judicial) For The Petitioner (s) : Ms. Almira Lasrado, Advocate, i/b. Indialaw For The Respondent (s) : None ORDER 1. A Petition has been filed in Form No.5 on 27.07.2018 by M/s. Benteler Trading In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... $ 324,509 $ 1,423,624 2. Brief history of the case: - The Petitioner/ Operational Creditor submitted that it had entered into a Sale Contract No.B405.056 dated 29th September 2015 with the Operational Debtor for sale of 3,800 m.t. +/- 10% tolerance on quantity of the Hot Rolled Steel Coils, Mill Edge, on the price, terms and conditions appearing in the Sale Contract No. B405.056 dated 29th September 2015. 2.1. According to the Petitioner, the Corporate Debtor had agreed to pay for the cargo within 120 days from the Bill of Lading date by telegraphic transfer to Seller account. 2.2. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment. 5. Subsequently, vide email dated 13.05.2016, the Corporate Debtor agreed to pay the outstanding amounts in three instalments and confirmed that they are committed to clear the outstanding invoices/ dues. 6. The Corporate Debtor entered into a Debt Acknowledgement and Settlement Agreement with the Operational Creditor dated 16.11.2016 wherein the Corporate Debtor acknowledged the monies owed to the Operational Creditor amounting to USD 1,250,055.53 inclusive of Principal amount and the ancillary obligations @ 15% per annum from the payment default till the agreed repayment date of 20.02.2017 and agreed to a repayment plan. 7. The Petitioner/ Operational Creditor submitted that no pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debt from the Corporate Debtor so far and that the formalities as prescribed under The Code have been completed by the Petitioner/ Operational Creditor, it is my conscientious view that this Petition deserves Admission . 12. The Petitioner/ Operational Creditor has proposed the name Mr. Jeetendra Rajpal Daryani Address: 501, Tulip CHS Ltd., Satguru Gardens, Chendani, Thane-400 603, Registration No. IBBI/IPA-001/IP-P-00678/2017-2018/11146 , as the Interim Resolution Professional. The IRP has submitted his consent in Form No.2 and also certified that no Disciplinary Proceedings are pending against him. The said IRP is hereby appointed. 13. Upon Admission of the Application and Declaration of Moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X
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