9911796707
TMI Blog2021 (10) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor") by invoking the provisions of Section 9 Insolvency and bankruptcy code (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for a Resolution of Operational Debt 38,36,557/- SUBMISSIONS OF THE OPERATIONAL CREDITOR 2. The Operational Creditor is filed for initiating liquidation process of corporate Debtor viz. the Respondent Company-TMW fintech Pvt. Ltd. 3. The Corporate Debtor has approached the Operational Creditor for the purchase of the goods and material like base Master EMW Cards, EMV personalization etc from the Operational Creditor Company. The Corporate Debtor has issued various purchase orders upon the Operational Creditor. 4. The Operational Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor. 8. The Operational Creditor submits in his additional affidavit that the Demand Notice dated 18.10.2019 was dispatched to the Corporate Debtor Company and the same was received to them by 23.10.2019. The Corporate Debtor Company failed to reply to the Demand Notice within the statutory period of i.e. 10 days from the date of receipt of the Demand Notice. 9. The Operational Creditor further submits in his additional affidavit that vide an email dated 06.11.2019 the Corporate Debtor Company sent their reply to the said demand notice to the Operational Creditor. In the said reply the Respondent Company for the first time raised the objection regarding the quality of the product sold to them. 10. The Operational Creditor further submits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been issued by the Banks i.e. Federal Bank & ICICI Bank confirming that no payment has been made by the Corporate Debtor after 11.06.2019. 15. The Bench further notes that the Corporate Debtor has confirmed the liability to pay the debt amount by an email dated 23.09.2019 and has even agreed and acknowledged to share their plan of making payment. The said email dated 23.09.2019 addressed by Mahesh Toshniwal on behalf of the Corporate Debtor to the Operational Creditor and the subject matter of the email is the "outstanding payment" by the Corporate Debtor. The Operational Creditor has annexed the email with the petition in support of their claim, which is as under: 16. The Bench further notes that the matter was listed on various occasio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present Company Petition satisfies all the necessary requirements for admission. 21. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the above Company Petition is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -3978(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against TMW Fintech Pvt. Ltd. b. Since the Operational Creditor has not suggested the name of any person to perform the duties of the Interim Resolution Professional (IRP) in the petition, this Bench is appointing the IRP from the list furnished by the Insolvency and Bankruptcy Board of India ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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