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TMI Blog2021 (4) TMI 1117X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited ('Applicant'/'Operational Creditor'), claiming to be an Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against Khator Fibre and Fabrics Ltd. ('Corporate Debtor'/'Respondent'). The instant Application is filed through an authorised representative of Applicant, Mr. Vishal Narandas Sejpal, authorised through board resolution dated 03.09.2019. 2. The Applicant is a Private Limited Company incorporated under the provisions of the Companies Act, 1956 on 12.12.2003 and duly registered with the Registrar of Companies, Mumbai, with CIN: U24119MH2003PTC143520. The registered office of the Applicant Company is at 24, Shree Diamond Centre, LBS Marg, Near Punj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unpaid operational debt. Thus, the Applicant filed the present Application under Section 9 of the Code. 5. As claimed by the Applicant, the Respondent is liable to pay an amount of Rs. 69,39,639.20/- as reflected in Part IV of Form-5 filed. 6. The Applicant has filed a copy of bank certificate under Section 9(3)(c) of the Code, from SVC Cooperative Bank Limited certifying that the Applicant had received last payment of Rs. 2,70,810/- vide Cheque No. 434429 from the Respondent on 17.08.2019 and thereafter no payment has been received from the Respondent. Copy of certificate is at Exhibit-D of the Application. 7. In reply to the Application it is stated that Respondent was regularly making payment of due bills raised by the Applicant from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s provided for in Section 9(5)(i) of the Code, we admit the Application and direct the initiation of CIRP of M/s. Khator Fibre and Fabrics Limited. 11. Under Sub-section (4) of Section 9 of the Code, the Operational Creditor may propose the name of Resolution Professional to be appointed as Interim Resolution Professional ('IRP') but it is not obliged to do so. In the instant case, the Operational Creditor has not proposed the name of any Resolution Professional to be appointed as IRP, Section 16(3)(a) of the Code covers such situations and reads as follows- "a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency profess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and strictly in accordance with the provisions of the Code, Rules and Regulations. 15. Consequences of initiation of CIRP shall be inter-alia as follows: (i) The IRP appointed by the Adjudicating Authority, Ms. Garima Diggiwal is directed to take over the affairs of the Corporate Debtor and duties as required to be performed by her under the provisions of Code including issue of publication in widely circulated Newspapers as contemplated under the provisions of the Code and calling for claims from the creditors of the Corporate Debtor; and collation of the same shall be done. (ii) Further, as a sequel of admission, moratorium as envisaged under Section 14 of the Code is invoked in relation to the Corporate Debtor which will be in vog ..... X X X X Extracts X X X X X X X X Extracts X X X X
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