TMI Blog2020 (4) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... is Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared. - CP (IB) 1797/MB-IV/2019 - - - Dated:- 18-10-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member For the Appellant : Amit A. Tungare, Adv. ORDER RAJASEKHAR V.K., JUDICIAL MEMBER This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by Krupa Polymers (India) Private Limited ( the Operational Creditor ), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nakshatra Distilleries Breweries Limited ( the Corporate Debtor ). 2. The Corporate Debtor is a public company limited by shares and incorporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voices provide for interest in case of delayed payments, to be charged at the rate of 24% as per Invoices No. K0044 (p.11), K0087 (p.13), K0096 (p.15) and 15% as per Invoice No. K0215 (p.17) per annum. The total debt due and payable to the Operational Creditor is ₹ 16,46,368.75 (Rupees sixteen lakh forty-six thousand three hundred and sixty-eight and paise seventy-five only), as mentioned at pp.25-27 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 12-2-2019 to the Corporate Debtor (pp.84-90 of the Petition) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. 7. The Corporate Debtor has unequivocally acknowledged the debt as per the Consent Terms arr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings to recover the balance amount. 13. 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, 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. In view of this, this Tribunal admits this Petition and orders initiation of CIRP against the Corporate Debtor. 14. The Operational Creditor has proposed the name of Mr. Uday Shreeram Sakrikar, Registration No. IBBI/IPA-001/IP-P01230/2018-19/11927, having address at 303, Rahul Vihar-A, Lane-8, Dahanukar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt of this Order, in default of which coercive steps will follow. (h) The Operational Creditor shall deposit a sum of ₹ 1,00,000/-(Rupees one lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) The Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. (j) A copy of this Order be sent to the Registrar of Companies, Maharashtra, Pune, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a complian ..... X X X X Extracts X X X X X X X X Extracts X X X X
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