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TMI Blog2022 (6) TMI 824X X X X Extracts X X X X X X X X Extracts X X X X ..... read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Mr. Rahul Khaitan, Director, Khaitan Rice Mill Private limited ('Operational Creditor'), duly authorized vide Letter dated 22 March, 2019 Annexure - B, page 17 of the Petition. to initiation of Corporate Insolvency Resolution Process ('CIRP') against Radhashyam Industries Mills Private Limited('Corporate Debtor'). 3. The present Petition was filed on 02 April, 2019 before this Adjudicating Authority. The total amount claimed in default is Rs.25,77,322/- (Rupees Twenty Five Lakh Seventy Seven Thousand Three Hundred Twenty Two), inclusive of interest calculated @18% p.a. till 06 December, 2018, which is also stated to be the date of defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a statutory notice dated 04 March, 2019 under section 8 of the Code was sent by the Operational Creditor and the same was received by the Corporate Debtor. 5.5 The parties had also entered in a separate agreement for supply of 250 quintals of 'Mota' Rice Brans of lower quality at Rs.900/quintals. However, said transaction is not the subject matter of the instant application. 6. Submissions by the Corporate Debtor in its reply 6.1 In pursuance of the statutory notice dated 04 March, 2019, the Corporate Debtor replied to the Operational Creditor vide reply notice dated 27 March, 2019. However, no such reply was brought on record with respect to the said notice by the Operational Creditor. 6.2 As per the terms of negotiations and understan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties it was noticed that a sum of Rs.22,76,950/- was paid in excess to the Operational Creditor, which the Operation Creditor was supposed to return to the Corporate Debtor. However, after some family dispute, the operational Creditor raised eleven disputed invoices with incorrect and higher calculation at Rs.17000/- per metric ton. After conciliation, a sum of Rs,6,09,299/- is only due and payable to the Operational Creditor. 6.7 After making a detailed enquiry with the accounts department, following facts were revealed; i. During the period 01 April, 2018 till 27 March, 2019 the Operational Creditor raised forty-six invoices. ii. From the records it appears that till 14 November, 2018 the Operational Creditor raised invoices at t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om time to time 23 July, 2021, 02 September, 2021, 26 October, 2021, 25 November, 2021, 17 December, 2021, 07 January, 2022, 18 February, 2022, 28 March, 2022, 27 April, 2022 but none appeared on behalf of the corporate Debtor. Though there was no representation on behalf of the Corporate Debtor at the hearing held on 23 July, 2021, 02 September, 2021, 26 October, 2021, 25 November, 2021, 17 December, 2021, 07 January, 2022, 18 February, 2022, 28 March, 2022, 27 April, 2022. However, a reply affidavit has been filed the Corporate Debtor through its Advocate Mr. Ayan Kumar Boral. The last appearance of the Advocate on behalf of the Corporate Debtor was on 19 February, 2020 10. From perusal of the record it is noticeable that the only rebutt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. d) Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. e) Ms. Priyanka Ajitsaria, registration number IBBI/IPA-001/IP-P-02360/2021- 2022/13858, email: [email protected], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmediately, and in any case, not later than two days from the date of this Order.
j) Additionally, the Operational Creditor shall serve a copy of this Order on the IRP and on the Registrar of Companies, West Bengal, Kolkata by all available means for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a copy of this order.
13. CP (IB) No. 505/KB/2019 to come up on 27 July, 2022 for filing the periodical report.
14. A certified copy of this order may be issued, if applied for, upon compliance with all requisite formalities.
The order is pronounced on 20th day of May , 2022. X X X X Extracts X X X X X X X X Extracts X X X X
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