TMI Blog2020 (3) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... ch at straws by saying that there was some collusion on the part of some of the Corporate Debtor's employee(s). However, even if this is accepted at face value, there may be various other legal options for the Corporate Debtor to proceed against the employee(s) in question. The contention/stand of the Corporate Debtor is outside the purview of IBC and it is a matter of Doctrine of Indoor Management , with which Operational Creditor is not at all Concerned. The Petition 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s petition. 3. The present petition was filed on 05.04.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of ₹ 15,90,687/- (Rupees fifteen lakh ninety thousand six hundred and eighty-seven only) as Principal amount with Interest thereon of ₹ 3,31,615/-@24% p.a. as on 24.10.2018. The Corporate Debtor has stated that 21.10.2018 is the date of default, since balance confirmation letter has been issued on that date. 4. The case of the Operational Creditor is that Operational Creditor supplied the print and packing material to the Corporate Debtor as per the Purchase Order and maintained separate ledgers for both the units. The Operational Creditor raised the invoices ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed (Exhibit '60' to the petition at pp.108-111). The Corporate Debtor has not sent a reply to the Demand Notice. 8. The Operational Creditor submitted the certificate under sec 9(3)(c) of the Insolvency and Bankruptcy Code,2016 of Axis Bank Limited dated 08.03.2019 certifying that no credit of amount due from the Corporate Debtor is deposited into the account of the Operational Creditor during the period 24.10.2018 to 07.03.2019. 9. The Operational Creditor has filed an affidavit under section 9(3)(b) of the Insolvency and Bankruptcy Code,2016 (Exhibit '64' to the petition at pp.125-127) to the effect that there is no notice given by the Corporate Debtor relating to a dispute of the unpaid operational debt. Further the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... used due to the alleged fraudulent act of the Operational Creditor. 15. The Corporate Debtor admits that the Operational Creditor sold and delivered the print and packing material to the Corporate Debtor for last three years and transacted up to ₹ 90 lakh till year 2018. Also, in terms of the accounts of unit I and unit II of the Corporate Debtor, there is a balance ₹ 15,90,687/-outstanding and payable to the Operational Creditor. 16. The services were availed by the Corporate Debtor and there is no dispute about this. The only contention raised is that the purchased price of material was much higher than market price and that there was collusion by an employee of the Corporate Debtor. There is not even a whisper in the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , accordingly, hereby ordered as follows: - (a) The petition bearing CP(IB)No.1608/MB/C-IV/2019 filed by Adway Print Concept Private Limited, (CIN:U74999DL2017PTC313111) 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 Eurolife Healthcare Private Limited [CIN: U51900MH1987PTC043106], 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, decree or or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BC 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 his/her 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 IRP or, as the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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