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TMI Blog2020 (7) TMI 557X X X X Extracts X X X X X X X X Extracts X X X X ..... h its authorised signatory, Mr. Vijay Kumar Maurya ("applicant") claiming to be an operational creditor with a prayer for initiation of the corporate insolvency resolution process ("CIRP") against M/s. Taurus Exports Private Limited ("respondent"). 2. The applicant is a pubic limited company incorporated under the provisions of the Companies Act, 1956 on February 19, 1984 duly registered with the Registrar of Companies, Delhi, bearing CIN : U51503DL1985PLC020193 and its office is located at A1/24, Azad Apartment, Aurobindo Marg, New Delhi-110 016. 3. The respondent is a private limited company incorporated under the provisions of the Companies Act, 1956 on September 6, 1991, duly registered with the Registrar of Companies, Jaipur, bearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , no amount has been received by the applicant till now. 7. Thus, the applicant had issued a demand notice in Form No. 3 and Form No. 4 dated July 10, 2019 demanding payment of Rs. 1,20,78,456.34 to the respondent, which was duly received by the respondent through post on July 16, 2019. Copy of the tracking report as proof of service is also annexed with the application. 8. It is submitted that the respondent neither replied to the said notice nor made any payment after receiving the demand notice. The applicant therefore filed the present application under section 9 of the Insolvency and Bankruptcy Code, 2016. As claimed by the applicant, the respondent is liable to pay an amount of Rs. 1,20,78,456.34 as an outstanding amount, as mention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ledger statement filed by the applicant/operational creditor annexed with the application, that the payment of claim amount of Rs. 1,20,78,456.34 has been defaulted by the respondent/corporate debtor and has been agreed as due and payable. The registered office of the corporate debtor is situated in Jaipur and therefore, this Tribunal has jurisdiction to entertain and adjudicate this application. Hence, this Tribunal is of the view that it is a fit case to initiate the corporate insolvency resolution process (CIRP) against the respondent/corporate debtor as envisaged under the provisions of the Insolvency and Bankruptcy Code, 2016. 12. The applicant has named the interim resolution professional (IRP), and accordingly Mr. Anoop Bhatia, wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The IRP shall carry out the corporate insolvency resolution process strictly as per the timelines specified and as envisaged under the provisions of the Insolvency and Bankruptcy Code, 2016, in relation to the respondent/corporate debtor. (iii) The said IRP shall act strictly in compliance with the provisions of the Insolvency and Bankruptcy Code, 2016. With a view to defray his expenses to be incurred and fees on account, the applicant/operational creditor is directed to deposit a sum of Rs. 2,00,000 (two lakhs only) to the account of IRP within 3 days from the date of this order. The IRP shall duly file the status report apprising this Tribunal about the progress of CIRP unfolding in relation to the respondent/corporate debtor. In terms ..... X X X X Extracts X X X X X X X X Extracts X X X X
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