TMI Blog2020 (1) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... as some connivance on the part of some of the Corporate Debtor's employees. However, even if this is accepted at face value, there may only be various other legal options for the Corporate Debtor to proceed against the employees in question. This would not have the effect of annulling the services provided by the Operational Creditor to the Corporate Debtor. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y-four lakh ninety-three thousand five hundred and seventy-two and paise twenty-nine only) as principal and ₹ 4,85,528.87 (Rupees four lakh eighty-five thousand five hundred and twenty-eight and paise eighty-seven only) as interest as on 08.01.2018, which is the date of default. 4. The case of the Operational Creditor is as follows: - (a) The Operational Creditor had provided the services to the Corporate Debtor for transporting Corporate Debtor's materials to various places in India. [page (i), (ii) (iii) of the Petition]; (b) Pursuant to the above mentioned transactions, the Operational Creditor had raised various invoices being the transporting charges and the same has been received and acknowledged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor and made his submissions. 8. In its reply dated 23.08.2019, the Corporate Debtor has set up the following defence: - (a) The Corporate Debtor entered into various agreements during July, 2015 to June,2016 for the purpose of Transport services. The said agreements on behalf of the Respondent Company were entered into by Mr. Dharmendra Agrahari and Mr. Prashant Parab who were the employees of the Corporate Debtor to manage and supervise the above-mentioned agreements. (para 1 at page 6 of the Reply); (b) In the course of provision of services, the Operational Creditor with an illegal intention to defraud the Corporate Debtor and to make wrongful gains from the Corporate Debtor colluded with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t page 11 of the Reply) 9. We have heard the arguments of both sides and perused the records. The Corporate Debtor has stated that the claim of the Operational Creditor is not valid, on the following grounds: - (i) There was connivance between the employees of the Corporate Debtor and the Operational Creditor (ii) That such connivance caused loss to the Corporate Debtor. 10. The Corporate Debtor admits that it entered into an agreement dated 28.7.2015, 14.08.2015 and 01.06.2016 with the Operational Creditor for transportation services. The agreement in question fixes the rate at which services were rendered (Annexure - IV of the Agreement at page 22 of the Petition) 11. The services were availed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 16. The Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter. 17. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP(IB) 1497/MB-IV/2019 filed by Scorpion Express Private Limited, the Operational Creditor, under section 9 of the IBC read with rule 4(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Gufic Bioscience Limited [CIN: L24100MH1984PLC033519], the Corporate Debtor, is admitted. (b) There shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution 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) Since the Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter, the IRP shall be appointed by this Adjudicating Authority by a separate order. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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