TMI Blog2019 (6) TMI 1246X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code. The present IB petition deserves admission under the Code. Therefore, the present IB Petition is admitted under Section 10 of the Insolvency Bankruptcy Code - moratorium declared. - CP(IB) No. 113/10/NCLT/AHM/2018 - - - Dated:- 4-4-2019 - MR HARIHAR PRAKASH CHATURVEDI, MEMBER (JUDICIAL) For The Applicant/Debtor : Mr Aditya Gupta, Ms. Juhi Nainani and Ms. M.A. Gogia, Advocates ORDER Per : MR HARIHAR PRAKASH CHATURVEDI, MEMBER (J) 1. Mr. Sanjay Mansukhbhai Ramani, Director of M/s. Bhoomi Ginning Pressing Pvt. Ltd., filed the present Application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as I B Code ) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The definition of Corporate Applicant includes Corporate Debtor as per Section 5(5) of the Code. Therefore, the Corporate Applicant/Corporate Debtor seeks relief to initiate Corporate Insolvency Resolution Process (hereinafter referred to as CIRP ) in respect of itself, i.e., M/s. Bhoomi Ginning Pressing Pvt. Ltd. (hereinafter referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... KPR Mill Ltd. (Karmathampatti) 94,049/- 5 KPR Mill Ltd. (5) 57,501/- 6 Parani Spinning Mills Pvt. Ltd. 3,648/- 7 Vijay Cotton Agencies 71,980/- 8 Sellmore Agency 14,243/- 9 Spectrum International Pvt. Ltd. 25,001/- 5,36,081 6. The Corporate Applicant has given in Part-III the details of the securities, i.e. charged properties as well as the hypothecated assets, held by the State Bank of India, the financial creditor, for availing the credit facilities. 7. The Corporate Applicant filed statement of accounts for the current year and for the last two financial years. Applicant also f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor Company. 14. We have gone through the contents of Petition and documents annexed therewith. We heard the arguments of Ld. Counsels appearing for the parties. 15. By perusal of the present company petition, it may be seen that the Corporate Applicant has provided and disclosed necessary particulars and all requisite information in prescribed format of the present IB Petition. It also proposed the name of Mr. Vinod Tarachand Agrawal, Interim Resolution Professional, as per requirement of the Code. 16. In order to consider the merits of the present IB Petition, we examined the relevant provisions of Section 10 of the Insolvency and Bankruptcy Code, 2016, which reads as under: Section 10: Initiation of corporate insolvency resolution process by corporate applicant: (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority. (2) The application under sub-section (1) shall be filed in such form, containing such particulars and in such manner and accompa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e are present IB petition deserves admission under the Code. Therefore, the present IB Petition is admitted under Section 10 of the Insolvency Bankruptcy Code and the Moratorium is declared in respect of the Corporate Applicant/Debtor Company with following consequential orders/directions: i) That the order of Moratorium under Section 14 of the Code shall have effect from 04.04.2019 till the completion of Corporate Insolvency 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. ii) That this Adjudicating Authority hereby appoint Mr. Vinod Tarachand Agrawal, having IP Registration No. IBBI/IPA-001/IP-00641/2017-2018/11090 and residing at 204, Wall Street-1, Near Gujarat College, Ellisbridge, Ahmedabad-380 006, Gujarat, appointed as Interim Insolvency Resolution Professional to carry the functions as mentioned under Insolvency and Bankruptcy Code, 2016. iii) The IRP so appointed shall make public announcement of Corporate Insolvency Resolution Process be made immediately as specified u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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