TMI Blog2020 (3) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... the default stands established and there is no reason to deny the admission of the Petition. This Adjudicating Authority admits this petition and orders initiation of CIRP against the Corporate Debtor - Petition admitted - moratorium declared. - CP (IB) NO. 1636/MB/C-IV/2019 - - - Dated:- 3-12-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member Ashish Verma, Adv. for the Applicant. ORDER Rajasekhar V.K., This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by Aquarius Maritime Private Limited ( the Operational Creditor ), a company within the meaning of section 2(20) of the Companies Act, 2013 and represented by its Authorised Signatory, Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) A running ledger account was maintained by the Operational Creditor in respect of the Corporate Debtor. The ledger copy is annexed as Annexure 'D' to the petition at pp.48-51. (d) Annexure 'F' at pp.53-54 is a copy of the email exchanged between the Corporate Debtor and the Operational Creditor. The email dated 22.09.2017 forming part of the trailing mail indicates that the Corporate Debtor has committed to try and clear all the outstanding amounts within two months. (e) The Operational Creditor had served a Demand Notice in Form 3 dated 21.08.2018 to the Corporate Debtor (Annexure 'G', pp.62-67) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the demand notice, for which the Operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of CIRP against the Corporate Debtor. 9. It is, accordingly, hereby ordered as follows:- (a) The petition bearing CP(IB) 1636/MB-IV/2019 filed by Aquarius Maritime 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 Synergy Fabrics Private Limited [CIN: U17110MH2004PTC147712], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out her/his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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