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TMI Blog2021 (4) TMI 1120X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication to Adjudicating Authority) Rules, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Maave Electronics Private Limited (in short, "Respondent/Corporate Debtor"). 2. Brief facts of the case submitted by Operational Creditor are as follows: a) The Operational Creditor is a South Korea based Company, and is engaged in providing financial and insurance activities/Transportation. b) The unpaid Operational Debt was initially due for payment to Media Information Communication Co. Limited (the Insured). But the Corporate Debtor failed to pay the said Operational Debt to the Insured. As a result, the Insured recovered the said Operational Debt amount from the Operational Creditor, which had insured th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nty-Five only) as on 13-05-2019. b) That the Purchase order bearing No. Maave/PUR/085/DT dated 17.11.2017 was generated by the Corporate Debtor to Media for USD 59,000/- for shipment of Goods. On 20.11.2017, a contract was executed between Media and Corporate Debtor to ship the above mentioned Goods to the Corporate Debtor at Hyderabad Airport. Subsequently on 14.12.2017, the Purchase order dated 17.11.2017 was amended via Amendment No. 085/001/2017-2018 and the total order worth USD 59,500/- changed to USD 119,500/- c) That on 19.01.2018, the "Mode of Dispatch" and "Prices CIF" clauses were again amended vide purchase order bearing no. 085/002/2017-2018 by the Corporate Debtor. The description of the amendment is hereunder as following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in respect of unpaid Operational Debt under section 8 of the IB Code, within 10 days of receipt of the said Demand notice dated 13.05.2019 i.e., on or around 23.05.2019, the Corporate Debtor has neither paid the unpaid Operational Debt to the Operational Creditor nor issued any notice of existence of dispute under sub-section (2) of Section 8 of the Code. j) Reiterating the above, counsel for the Operational Creditor prayed to admit the instant Petition. 4. During the hearing held on 26.11.2019, counsel representing both stated that the matter is settled between them and prayed time for obtaining permission from RBI for remittance of money outside the country as Petitioner is a Korean Company. After various adjournments, on 03.03.2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. This Adjudicating Authority hereby appoints Mr. Chakravarthi Srinivasan, having his Regn. No. IBBI/IPA-002/IP-N00649/2018-2019/11990 as IRP. He should file his written consent in Form-2 and Authorization for Assignment within three (3) days of this order. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IB Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 11. We direct the Operational Creditor/Petitioner to pay sum of Rs. 50,000/- towards the advance fee of IRP, which shall be ratified later on by CoC. 12. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. 13. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. Further, if the IRP considers supply of any goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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