TMI Blog2019 (1) TMI 1943X X X X Extracts X X X X X X X X Extracts X X X X ..... while the company has availed secured loan of ₹ 18,44,19,078/-. It may be seen that the company duly admits about its financial position through its affidavit dated 02.06.2018 stating categorically that, it is facing financial difficulties and now unable to pay its creditors including the operational creditors including the present petitioner the amount due to it. Hence, the present case is fit to initiate the Corporate-Insolvency-Resolution-Process in respect of Corporate-Debtor-Company under Section 9 of the Insolvency and Bankruptcy Code provided if the present application filed by the Operational-Creditor is otherwise found incomplete. The present application is found complete in terms of provision of Section 9 of the IB Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... share capital of the company is ₹ 23,50,00,000/- (Rupees Twenty-Three Crores Fifty Lakhs only) and the paid-up share capital is ₹ 22,21,17,070/- (Rupees Twenty-Two Crores Twenty-One Lakhs Seventeen Thousand and Seventy Rupees only). The registered office of the Corporate Debtor Company is situated at: Survey No. 1071-74, At Nandasan, Nandasan-Mehsana Road, N.H. 8, Ta. Kadi, Nandasan, Mehsana - 380 706, Gujarat. 3. It is contended by the Petitioner/Operational-Creditor, (i.e. M/s. True Value Paper Co.) that it supplied the goods to the Respondent/Corporate-Debtor Company, i.e. M/s. Swastik Ceracon Limited between the period from April-2017 to August-2017 as per the various Invoices described hereunder aggregating to ₹ 47 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this date. 5. It is submitted that a demand notice dated 16.03.2018 is duly served upon the registered office of the Corporate Debtor by RPAD on 19.03.2018 but there is no reciprocation for the same from the Corporate Debtor side towards said notice nor it raised any objection regarding the dispute on the unpaid operational debts till the date of filing of this petition. 6. The Corporate-Debtor-Company, in response to the present IB Petition, has also filed its affidavit in reply dated 02.06.2018 through its Managing Director Shri Girish Kumar Patel, who has categorical statements on behalf of the Corporate-Debtor-Company that the Corporate-Debtor was facing financial difficulties since some time hence, presently is unable to pay to i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... about its financial position through its affidavit dated 02.06.2018 stating categorically that, it is facing financial difficulties and now unable to pay its creditors including the operational creditors including the present petitioner the amount due to it. Hence, we are of the view that the present case is fit to initiate the Corporate-Insolvency-Resolution-Process in respect of Corporate-Debtor-Company under Section 9 of the Insolvency and Bankruptcy Code provided if the present application filed by the Operational-Creditor is otherwise found incomplete. 10. Therefore, we examined the contents of the present application supported by the documents annexed therewith, it may be seen that the present application is filed on 12th April, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to make payment thereof in near future. 13. Therefore, the present application is found complete in terms of provision of Section 9 of the IB Code read with relevant Rules of Insolvency and Bankruptcy Application to the Adjudicating Authority Rule, 2016 and hence, the present petition deserves to be admitted for initiation of CorporateInsolvency-Resolution-Process in respect of CorporateDebtor-Company with following orders and directions. 14. This Adjudicating Authority under the provisions of subsections 13 and 14 of the I.B. Code hereby order and declare moratorium for prohibiting all of the following, namely: - (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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