TMI Blog2020 (9) TMI 746X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) No. 3918/MB IV/2019 - - - Dated:- 18-9-2020 - Mr. Rajasekhar V. K. Member ( Judicial ) And Mr. Ravikumar Duraisamy Member ( Technical ) For the Operational Creditor : Mr Ulhas Shetty i/b Ulhas Shetty Co , Practising Company Secretaries For the Corporate Debtor : Mr KC Prusty , Advocate ORDER Per : Rajasekhar V.K., Member ( Judicial ) 1. This is a Company Petition filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr Pooransingh Vijaysingh Rathod, sole proprietor of Meghna Colour Chem (Operational Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of which ₹ 3,24,314/- was appropriated and apportioned towards the older dues, i.e., towards supplies prior to the first invoice dated 07.07.2017. The balance amount of ₹ 1,75,686/- was apportioned and appropriated as part payment towards the first invoice dated 07.07.2017. The balance unpaid debt amount of ₹ 2,13,714/- of Invoice No.14 which was defaulted is claimed in the present petition. After adjusting the above stated payment, the total debt outstanding is to the tune of ₹ 33,94,714/- (para 1 at page 9-10 of the Petition); (c) After regular follow-up, the Corporate Debtor issued a cheque for ₹ 33,35,400/- on 25.02.2019. However, even this cheque bounced when presented for payment, vide return memo da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company and hence Respondent Company could not make payments to its supplier and creditors. That Applicant Company payment from overseas buyers has struck off for market recession. (sic) 10. The affidavit in reply dated 29.11.2019 of the Corporate Debtor, admitting the liability and stating that the Corporate Debtor is not in position to repay the debt, also establishes the existence of debt and default. 11. The matter was adjourned on various occasions on grounds of attempting a settlement. On 07.01.2020, it was reported at the bar that settlement talks have failed. At the hearing held on 07.01.2020, learned counsel appearing for the Corporate Debtor appears and submits that he has instructions to admit the liability. This subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under 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 esse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the progress of the CIRP of the Corporate Debtor. (i) The Operational Creditor shall deposit a sum of ₹ 3,00,000/- (Rupe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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