TMI Blog2020 (9) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... h Chandra, Member (T) For the Appellant : Akshay Petkar ORDER Ashutosh Chandra, Member (T) 1. C.P. (IB) No. 96/BB/2020 is filed by Mr. Nilesh Vallabhdas Dhanani, Director of Synew Steel Private Limited (hereinafter referred to as 'Petitioner/ Corporate Applicant') under Section 10 of the IBC, 2016, R/w Rule 7 of the l B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of Synew Steel Private Limited, on the ground that it has committed default for total amount of ₹ 1,18,56,964/- (Rupees One Crore Eighteen Lakh Fifty Six Thousand Nine Hundred and Sixty Four only) which includes Financial Creditors (₹ 27,84,394/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings Private Limited amounting to ₹ 11,67,307/- (3) The Petitioner submits that the Company is under an Operational debt of ₹ 90,72,570/- (Rupees Ninety Lakh Seventy Two Thousand Five Hundred and Seventy Only). The Operational Creditors are as follows: i) Ageing more than 7 years- a. Hatch Associates India Private Limited amounting to ₹ 49,10,681/- b. Hatch Associates UK amounting to GBP 6,640/- i.e. ₹ 6,13,640/- (as per exchange rate as on 24.01.2020) c. Jalakam Solutions Private Limited amounting to ₹ 2,20,600/- d. Korn Ferry International, NL amounting to USD 23,293/- i.e. 16,54,763/- (as per exchange rate as on 24.01.2020) and e. M.N. Dastur R. Co. Private Limited amounti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The special resolution passed by shareholders of the Corporate Debtor or the resolution passed by at least three-fourth of the total number of partners of the Corporate Debtor, as the case may be, approving filing of the application. As per Section 10(4) the Adjudicating Authority can admit an application if the same is complete and no disciplinary proceedings are pending against the proposed Resolution Professional. 5. As stated supra, apart from the dues of Financial Creditors amounting to ₹ 27,84,394/-, there are Operational Creditors for a total amount of ₹ 90,72,570/-. Further, it is seen from the Profit and Loss Accounts of the Petitioner Company for the years ending 31.03.2018, 31.03.2019 and 31.03.2020, that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted to initiate CIRP, and appoint IRP, etc. We are satisfied with the reasons cited by the Petitioner to initiate CIRP. The instant Company Petition is filed in accordance with law. 9. In view of the above facts and circumstances of the case, by exercising powers conferred on this Adjudicating Authority u/s 10(4)(a) of the Code, we hereby admit C.P. (IB) No. 96/BB/2020 by initiating Corporate Insolvency Resolution Process (CIRP) in respect of Petitioner/Corporate Applicant with the following consequential directions: (1) Ms. Tanuja Jalan, bearing Registration No. IBBI/IPA-002/IP-N00101/2017-18/10244, who is a qualified Resolution Professional, is hereby appointed as Interim Resolution Professional, in respect of the Petitioner/Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egulator. (3) The order of moratorium shall have effect from the date of this order till the completion of the Corporate insolvency resolution process; (4) However, this moratorium would not apply to cases pending against the Applicant Company before the Hon'ble High Court and Hon'ble Supreme Court. (5) The IRP is directed to follow all extant provisions of the IBC, 2016 and all extant Rules, including fees rules, as framed by the IBBI from time to time. The IRP is hereby directed to file progress reports to the Tribunal from time to time. (6) The Board of Directors and all the staff of Petitioner/Corporate Applicant are hereby directed to extend full co-operation to the IRP, in carrying out her functions as such, under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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