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TMI Blog2019 (7) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred to as a "Code") seeking initiation of Corporate Insolvency Resolution Process ("CIRP" in Short) in respect of the Corporate-Debtor-Company namely, M/s. Lifespan Biotech Private Limited. The Operational Creditor is a registered company under the provisions of Companies Act, 1956, with a Company Identification Number (CIN) -U04520MP2005PTC 017642 and its registered office is situated at 2-B, Industrial Area Govindpura, Bhopal - 462023, Madhya Pradesh, India. 2. It is submitted that the Petitioner/ Operational-Creditor- Company, i.e. M/s. Kwality Industries (Bhopal) Limited is engaged in the business of corrugated boxes, accessories, printing and paper converting machines and the Applicant is a regular supplier of its products to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to its plant and machinery. A claim of Rs. 2,18,00,000/- (Rupees Two Crores Eighteen Lakhs Only) was lodged with the insurance company which has been duly approved by the insurance company based on the reports of its loss assessors. The said claim till date is pending for payment on part of the insurance company. 6. Therefore, the Respondent/Corporate-Debtor company is in deep financial crisis due to accidental losses and further breakdown in the factory, yet it offered to settle the dues of one of its Operational-Creditors being Abil Chempharma Private Limited by offering sale of its piece of land (bearing khasra No. 183 (Area 0.080 Hectors), at village Chann, Patavari Halka No. 25, Tehsil Huzur, Bhopal (M.P.)) which belongs to its prom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtor including execution of any judgment, decree or order in any court of law, tribunal arbitration panel or other authority. (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein. (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002). (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. The supply of essential goods or service ..... X X X X Extracts X X X X X X X X Extracts X X X X
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