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TMI Blog2020 (2) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... (for brevity 'the Rules') by M/s. Bhupindra Agro Private Limited, (for brevity 'Applicant'), through its director, Mr. Harish Jain, with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shri Vardhman Rice Mills Pvt. Ltd. (for brevity 'Respondent'). 2. The Applicant, namely M/s Bhupindra Agro Pvt. Ltd. is a Private Limited company, registered under the Companies Act, 1956, incorporated on 18.03.1997, with CIN No. U01122PB1997PTC019603, having its registered office at Sehajpura Road, Samana Distt, Patiala, Punjab 147101. 3. The Respondent, namely M/s. Shri Vardhman Rice Mills Pvt. Ltd., is a company incorporated on 02.03.2009, under the provisions of Companies Act, 1956 with CIN No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,890/- 10 04.05.2017 19.05.2017 47,460/- 11 07.05.2017 22.05.2017 48,000/- 12 07.05.2017 22.05.2017 47,040/- 13 08.05.2017 23.05.2017 48,660/- 14 12.05.2017 27.05.2017 47,220/- 15 12.05.2017 27.05.2017 45,840/- 16 15.05.2017 30.05.2017 48,360/- 17 17.05.2017 01.06.2017 27,150/- Total 5,01,360/- 5. The Operational Creditor further states that, in spite of various requests made and reminders sent by the Applicant, the respondent did not reply nor made the payment of balance amount, i.e., Rs. 5,01,360/- (Rupees Five Lakhs One Thousand Three Hundred Sixty). 6. On failure to pay the outstanding dues by the Respondent, the applicant sent a demand notice dated 21.09.2018 under section 8 of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n its reply to the present section 9 application, the respondent states that due to financial problems and hardship, the company is facing hardship and is not in a position to honor its financial commitments. In such a situation the company has no alternative but to submit to resolution process. 12. The applicant has filed an affidavit under section 9(3)(b) stating that no notice of dispute from Corporate Debtor is received. 13. The applicant has attached the copy of Bank statements issued by Punjab National Bank in compliance with the requirement of section 9(3)(c) of the IBC 2016. 14. In view of above, we are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues, establishing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 9(5) of IBC, 2016, moratorium as envisaged under the provisions of section 14(1) shall follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However, during the pendency of the moratorium period, terms of section 14(2) to 14(3) of the Code shall come in force. 19. The registry is directed to communicate a copy of the order to the Operational Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCR, New Delhi at the earliest but not later than seven days from today. The Registrar of Companies shall update his website by updating the status of 'Corporate Debtor' and specific mention regarding the admission of this appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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