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TMI Blog2020 (5) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... itiation of Corporate Insolvency Resolution Process against Sangam Handicraft Private Limited (for brevity "Corporate Debtor"). This Application is filed through Mr. Ronak Khandelwal an Authorised Representative of the Applicant, authorised vide Board Resolution dated 12-11-2018. 2. The Applicant is a Limited Liability Partnership constituted under the provisions of LLP Act, 2008 on 17-7-2015, duly registered with Registrar of Companies, Jaipur bearing LLP Identification NO. AAE-4023 and the Registered Office of the Applicant is at House No. - 203, Tikkarmalka Rasta, Kishanpole Bazar, Jaipur- 302001 (Rajasthan). The Applicant is engaged in the business of manufacturing silver items. 3. The Corporate Debtor is a Private Limited Company inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn Memo report of all Cheques are annexed as Exhibit-F with the Application. In pursuance of dishonour of the cheque, the complaint under section 138 of Negotiable Instruments Act, 1881 is filed by the Applicant. 6. The applicant has issued a notice dated 28-9-2018 under section 8 of the Insolvency & Bankruptcy Code, 2016 for an amount of Rs. 1,26,21,859/- including interest @ 15% P.A. of Rs. 12,45,385/- on the Corporate Debtor, which was duly received by Corporate Debtor through post on 15-10-2018. The demand notice was also sent through email dated 29-9-2018 but the Corporate Debtor has neither replied to the Demand Notice nor raised any dispute of the unpaid operational debt. Copy of tracking report as proof of service of the said sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers were reserved. 10. This Tribunal perused ill the relevant papers and found them to be in order. The Registered Office of the Corporate Debtor is situated in Jaipur and therefore this Tribunal has jurisdiction to entertain and try this Application. The matter is within the purview of Law of Limitation. 11. It is apparent from the records that the payment of claim amount has been defaulted by the Corporate Debtor and despite the issuance of section 8 notice under the Insolvency & Bankruptcy Code, 2016 by the Applicant and the receipt of the same by the Corporate Debtor, the payment was not made. In these circumstances the claim stands established and prima facie the presumption is raised that there is default in payment of the amount du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Provisions of IBC, 2016 and calling for the claims from the creditors of the Corporate Debtor and collating of the same shall be done. (ii) Further as a consequence of admission, moratorium as envisaged under section 14 of IBC, 2016 is invoked in relation to the Corporate Debtor which will be in vogue during CIRP of the Corporate Debtor. The IRP shall carry out the Corporate Insolvency Resolution Process strictly as per the timelines specified and as envisaged under the Provisions of IBC, 2016 in relation to the Corporate Debtor. (iii) The said IRP shall act strictly in compliance with the provisions of IBC, 2016. With a view to defray the IRP's expenses to be incurred and fees on account, the Operational Creditor is directed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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