TMI Blog2019 (11) TMI 447X X X X Extracts X X X X X X X X Extracts X X X X ..... ment the Adjudicating Authority is satisfied that a default inrepayment of debt had occurred, the process of insolvency is to be triggered unless the application is incomplete. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the meaning of section 3(12) of IBC; the application of the Financial Creditor is complete; an amount of more than Rupees One Lakh is due and payable and in default and no disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. Petition admitted - moratorium declared. - CP (IB)1777/MB/C-IV/2019 - - - Dated:- 16-9-2019 - Mr. Rajasekhar V. K., Member (Judicial) And Mr. Ravik ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 3769-400135-31002 30,11,950.00 20.10.2018 2 3769-400504-61006 14,28,909.50 16.01.2019 Total 44,40,859.50 - 3. The Fin ancial Creditor further stated Corporate Debtor was bound by the American Express Corporate Purchasing Card Buyer initiated Payments Card Agreement. A copy of the said agreement has been annexed at pages 22-27 of the Petition. 4. The Financial Creditor stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial Creditor on account of dire financial distress and lack of sufficient funds. 8. We have heard the arguments of both sides and perused the records. 9. The Petition is filed by Mr. Manoj Adlakh, Chief Executive Officer of American Express Banking Corp. duly authorised by a General Power of Attorney dated 30.11.2016. 10. The Financial Creditor has stated that as on 20.10.2018 and 16.01.2019, ₹ 44,40,859.50/- towards principal amount is due and payable by the Corporate Debtor to the Financial Creditor. The Ld. Counsel for Financial Creditor undertakes to waive off any interest in the matter. An amount of ₹ 44,40,859.50 was disbursed by the Financial Creditor to the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with declaring that no disciplinary proceedings are pending against her. ORDER 15 . It is, accordingly, hereby ordered as follows : (a) The petition bearing CP (IB)1777/MB/C-IV/2019 filed by the American Express Banking Corp. under section 7 of the IBC read with rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Dhanvantari Milk Products Private Limited (CIN:U01122PN2013PTC149297), the Corporate Debtor is admitted. We further declare moratorium under section 14 of the IBC with consequential directions, as mention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of this Order till the completion of the CIRPor until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of corporate debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Ms. Jovita Reema Mathias, Registration No. IBBI/IPA-002/IP-N00337/2017-18/10941 having address at 506, Inizio Building, Cardinal Gracious Road, Chakala, Andheri (E), is hereby appointed as Interim Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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