TMI Blog2020 (4) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... early 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 Petition - Petition admitted - moratorium declared. - CP (IB) 2979/MB/C-II/2018 - - - Dated:- 16-12-2019 - M.K. Shrawat, Judicial Member And Chandra Bhan Singh, Technical Member Rajeev Waglay, Adv. for the Appellant. Ms. Neha Pandya, Adv. for the Respondent. ORDER Chandra Bhan Singh, 1. This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by Bhavi Jewellers ( the Operational Creditor ), a pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2 Invoices have been placed on record which provides for terms of payment within 75 days. The total debt due and payable to the Operational Creditor is ₹ 6,10,42,439.00 (Rupees six crores ten lakh forty-two thousand four hundred thirty-nine only), as mentioned in Confirmation of Accounts which is Confirmed by Corporate Debtor. 5. The Operational Creditor has also in its Petition enclosed a copy of the Demand Notice in Form 3 dated 31-3-2018 on the Corporate Debtor in terms of section 8 of the IBC, which has been duly served on the Corporate Debtor by Registered Post. After serving of Demand Notice, a payment of ₹ 10,00,000/- received on 9-5-2018 which was duly adjusted towards total debt. This fact is also reflected in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019 Corporate Debtor did not file any reply. 10. This Bench heard the arguments of both sides and perused the records. 11. The Operational Creditor has raised several invoices between the period 2-11-2015 and 25-6-2018 amounting to ₹ 12,41,93,725/-(Rupees twelve crores forty-one lakh ninety-three thousand seven hundred twenty-five only) for the supply of goods to the Corporate Debtor. Since the invoices remained unpaid, the Operational Creditor vide Demand Notice dated 31-3-2018 requested the Corporate Debtor to make the payment to which Corporate Debtor didn't reply. The payment received on 9-5-2018 was adjusted towards total outstanding amount, Current outstanding amount is ₹ 6,10,42,439.00 (Rupees six crores ten lak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor. 15. The petition bearing CP (IB) 2979/MB/C-II/2018 filed by Bhavi Jewellers, 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 Tribhovandas Bhimji Zaveri Sons Retail Private Limited [CIN: U74999MH2015PTC263038], the Corporate Debtor, is admitted. 16. 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 order in any court of law, tribunal, arbitration panel or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 20. Mr. Harshul Anilkant Shah, Registration No. IBBI/IPA-002/IP-N-00131/2017-18/10347, having address at B-3/18, Scindia Society, Off Sir M.V. Road, Andheri (East), Mumbai - 400069, is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as mentioned under IBC. The IRP shall carry out functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. The fee payable to IRP/RP shall be compliant with Regulations, Circulars and Directions issued by the Insolvency Bankruptcy Board of India (IBBI) as may be applicable. 21. During the CIRP Period, the management of the Corporate Debtor shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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