TMI Blog2019 (7) TMI 1022X X X X Extracts X X X X X X X X Extracts X X X X ..... record, petitioner is able to establish that there exists debt as well as occurrence of default. The Application filed by the Applicant is complete in all respects - it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. Petition admitted - moratorium declared. - C.P. (IB) No. 602/9/NCLT/AHM/2018 - - - Dated:- 29-5-2019 - Ms. MANORAMA KUMARI, MEMBER (J) For The Applicant : Mr Manish R. Bhatt, Sr. Adv. and Munjaal Bhatt, Adv For The Respondent : Mr Lalit M. Patel, Advocate ORDER 1. That, the instant application is filed by Mr. Nagendra Pal Goel, authorised representative of the applicant/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued a letter dated 18.07.2017 demanding the outstanding payment of ₹ 5,01,01,478.62 plus interest @ 24% per annum. That, on 24.07.2017, the corporate debtor admitted the outstanding liability and requested an extension of 90-100 days from the operational creditor to pay the outstanding amount. That, subsequently the corporate debtor discharged portion of liabilities of ₹ 56,50,000/- between 06.09.2017 and 11.04.2018. That, since no further payment was received for more than 100 days, the applicant issued a letter dated 11.04.2018 to the corporate debtor demanding the outstanding payment, which has now aggregated to ₹ 5,90,42,238/- (Rupees five crores ninety lakhs forty-two thousand two hundred thirty-eight only ) which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29.09.2016 42/41127-89 13.11.2016 12.10.2016 41/41135-84 26.11.2016 30.12.2016 41/41194-82 13.02.2017 Interest: Calculated @ 24% per annum w.e.f. the date as mentioned hereinabove aggregating to ₹ 1,46,07,645/- Total amount in default which is to be claimed from the corporate debtor including interest: ₹ 5,90,42,238/- (Rupees five crores ninety lakhs forty-two thousand two hundred thirty-eight only) 6. The applicant has submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... details given in preceding para No. 5. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. 10. That, the Application filed by the Applicant is complete in all respects. 11. The applicant/operational creditor has not proposed the name of Interim Insolvency Professional. This Adjudicating Authority hereby appoint Shri Akhilkumar Amrutlal Thakkar, Akhil A. Thakkar Co., B-2, Sanskar Residency, Sattar Taluka Society, Navjeevan Post, Income Tax, Ashram Road, Ahmedabad 380 014 having registration No. IBBI/IPA-001/IP-P01392/2018-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 15. It is further directed that the supply of goods and essential services to the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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