9911796707
TMI Blog2022 (5) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... Jewellers with a prayer to trigger Corporate Insolvency Resolution Process against of Corporate Debtor M/s. Goel Jewellery & Mart Pvt. Ltd. As succinctly put, the facts of the present case are that the corporate debtor had inter alia placed oral purchase orders, to the applicant, seeking the supply of 12 Pc's Diamond of 18.22 Carat and 12 Pc's Solitaire Diamonds of 18.22 Carat. 2. Oral purchase orders were raised by respondents in the year 2019, the applicant supplied the goods and raised the invoice bearing No. 105 dated 06.04.2019 for an amount of Rs. 32,87,799/-. Further the applicant also raised invoice bearing No. 109 dated 08.04.2021 for an amount of Rs. 70,00,000/-. Thereafter, the applicant repeatedly requested the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06.04.2019 and 08.04.2019. ii. Copy of Bank Account Statements of the bank where the account of operational creditor is maintained. 6. We have heard Ld. Counsel for the Petitioner and thoroughly perused the case records. There is a clear admission of the corporate debtor in its reply that the default has occurred and it is unable to make payments due to lack of funds. Therefore, it is most appropriate that CIRP must be initiated and the management of the company shall be vested in the hands of a professional agency. The Scheme of the code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Apparently, since there is no dispute raised by the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 10. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the penden ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
