TMI Blog2020 (5) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared. - CP (IB) 1800/MB/C-IV/2019 - - - Dated:- 8-11-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member For the Applicant : Ms. Prachi Wazalwar and Ms. Heena Vichare, Adv. For the Respondent : Karan Vyas, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor sold/supplied Steel Products and Agro Commodities, between 29-10-2014 to 11-11-2015 (para 1 of Part-IV of the Particulars of Operational Debt at pages 7-8 of the Petition). 5. A total of 271 invoices have been raised on the Corporate Debtor. The invoices have been placed on record as part of Exhibit 'D' at pp.335-340. The invoices do not provide for interest in case of delayed payments. Bank statements are also attached as Exhibit 'C' at page 21. The total debt due and payable to the Operational Creditor is ₹ 40,74,97,623.00 (Rupees forty crore seventy-four lakh ninety-seven thousand six hundred and twenty-three only), as mentioned at page-7 of the Petition. 6. The Operational Creditor had served a De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor has always been ready and willing to pay the amount. However, due to financial crisis, it requires some reasonable amount of time and repayment schedule to clear the dues of the petitioner (para 5 at page 3 of the Affidavit in reply of the Corporate Debtor). (d) The Corporate Debtor has requested the Operational Creditor for the same so as to settle the dispute amicably. However, no settlement was reached with the petitioner (para 5 of the Affidavit in reply of the Corporate Debtor). 11. We have heard the arguments of both sides and perused the records. 12. It is noted that the Corporate Debtor has admitted the liability by the letter dated 18-11-2016, at p.320. The affidavit in reply dated 16-9-2019 of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdingly, hereby ordered as follows: - (a) The petition bearing CP(IB) 1800/MB/C-IV/2019 filed by Indian Steel Corporation 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 Windcastle Exports Private Limited [CIN: U51900MH1996PTC101756], 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 order in any court of law, tribunal, arbit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Pranav Damania [Registration No. IBBI/IPA-001/IP-P00079/2016-17/10164], having address at No. 407, Sanjar Enclave, Above Mahindra Showroom, Opposite to Milap Cinema, SV Road, Kandivali (West), Mumbai 400 067 [Email: pranav@winadvisors.co.in, Phone: 022-28089683, 240110641, 9820469825], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the IBC. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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