TMI Blog2020 (1) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor itself. Since nothing is placed on record in spite of opportunity given to the Corporate Debtor, it is difficult to accept the version of 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 - Application admitted - moratorium declared. - CP (IB) NO. 2182/MB/C-IV/2019 - - - Dated:- 22-10-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member Zaid Ansari, Adv. for the Appellant. Girish Thanvi, Adv. for the Respondent. ORDER Rajasekhar V.K., This is a Company Petition filed under section 9 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Maghmani, under a Purchase Order No.PLPL/004/15-15 dated 05.03.2016 (para 3 of Part IV at page 6 of the Petition); it has been placed on record as Exhibit 'C' at p.31 of the Petition. (b) The Operational Creditor supplied the drug in terms of the Purchase Order within the stipulated timeframe and to the satisfaction of the Corporate Debtor (para 4 of Part IV at page 8-9 of the Petition); (c) The Operational Creditor raised a Tax Invoice bearing No.2015-16/4623 dated 15.03.2016 for the sum of ₹ 23,44,781/- (Rupees twenty-three lakh forty-four thousand seven hundred and eighty-one only) on the Corporate Debtor, which has been duly received by the Corporate Debtor and duly acknowledged (para 5 of Part IV a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ledger account of the Corporate Debtor as maintained by the Operational Creditor has been placed on record as Exhibit 'H' at p.36 of the Petition. The Copy of the Bank Certificate dated 19.02.2019 issued by Citi Bank, Goregaon East Branch, Mumbai-400063 has been placed on record as Exhibit 'I' at p.37 of the Petition. Therefore, the total debt due and payable to the Operational Creditor is ₹ 18,92,377.00 (Rupees eighteen lakh ninety-two thousand three hundred and seventy-seven only), as mentioned at page 4 of the Petition. 5. The Operational Creditor had served a Demand Notice in Form 3 dated 31.03.2018 to the Corporate Debtor (Exhibit 'J', pp.38-50) in terms of section 8 of the IBC. Proof of servi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia Limited for a sum of ₹ 13,89,752/-, thereby clearing the outstanding amount towards the Operational Creditor, since Alokrish Nigeria Limited and Sanil Pharmaceuticals had some business on going. Accordingly, the Corporate Debtor supplied the printed capsules to Alokrish Nigeria Limited worth ₹ 13,89,752/- and thus, the transactions with both Alokrish Nigeria Limited and the Operational Creditor came to an end. (para 2(c) at page 3 of the Reply); (d) The supply of capsules was as per the understanding amongst the Operational Creditor, Sankil Pharma Nigeria, Alokrish Nigeria Limited and the Corporate Debtor. (para 2(d) at page 3 of the Reply). 8. We have heard the arguments of both sides and perused the record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ished and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 12. The Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP No.2182(IB)/MB/C-IV/2019 filed by Shubham Pharmachem Private Limited, the Operational Creditor, under section 9 of the IBC read with rule 6(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Pure Life Science Private Limited [CIN: U24100MH200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till the completion of the CIRP or 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) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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