9911796707
TMI Blog2021 (8) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... 3395], seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Aadit Metal Trade Private Limited ("the Corporate Debtor") [CIN: U51420MH2004PTC145880]. 2. The Corporate Debtor is a company incorporated on 23.04.2004 under the Companies Act, 1956, as a Private Company limited by shares with the Registrar of Companies, Maharashtra, Mumbai. Its registered office is at Ground Floor, Building No. 118/120, Ardisher Dadi Street, V.P. Road, C. P. Tank, Mumbai - 400 004. Therefore, this Bench has jurisdiction to deal with the present petition. 3. The present petition was filed on 13.12.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 32,32,708/- (Rupees Thirty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ending to make payment and wants the Operational Creditor to withdraw the notice, which is absolute illegal requirement on the part of the Corporate debtor. Thereafter a letter was received from the Corporate Debtor (Aadit Metal Trade Private Limited) as a reply to Form 3 wherein it is requested to withdraw the notice without any concrete proposal of payment. 7. The captioned Petition was filed on December 13, 2019 and thereafter, notices were issued to Corporate Debtor by the bench and ample chances were given to the Corporate Debtor for its reply. The Corporate Debtor has failed to file any reply, even after ample opportunities were provided to it. 8. We have heard the arguments of Operational Creditor on merits and perused the records. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or initiation of CIRP against Aadit Metal Trade Private Limited ("the Corporate Debtor") [CIN: U51420MH2004PTC145880], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [email protected], is hereby appointed as IRP of the Corporate Debtor to carry out the functions as mentioned under IBC. The IRP shall carry out functions as contemplated under sections 15, 17, 18, 19, 20 and 21 of the IBC. The fee payable to IRP/RP shall be compliant with Regulations, Circulars and Directions issued by the Insolvency & Bankruptcy Board of India (IBBI) as may be applicable. (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 dat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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