TMI Blog2022 (7) TMI 198X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 10(b) of the IBC, 2016 - The default amount meets the threshold limit as prescribed under Section 4 of the IBC, 2016. The default claimed in the application is well within the limitation period to initiate the CIRP proceeding. The application is otherwise complete and defect-free. Application admitted - moratorium declared. - C.P.(IB)/231(AHM)2021 - - - Dated:- 20-6-2022 - M.B. Gosavi, Member (J) And Kaushalendra Kumar Singh, Member (T) For the Appellant : Nandish Chudgar, Ld. Adv ORDER 1. The present application has been filed by the Corporate Applicant-M/s. Nana Layja Power Company Limited through its Director-Mr. Feby Koshy, under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Board, Alvarez and Marshal India Private Limited ( A M ) vide its e-mail dated 16.12.2020 has recommended for closure of Corporate Applicant by filing an application for initiating the CIRP under Section 10 of the IBC, 2016. On the recommendation of the Resolution Consultant, the Board of Directors of the Corporate Applicant on 24.12.2020, resolved for filing an application to initiate the CIRP subject to the approval of the Board of IL FS, IEDCL and Hon'ble Justice (Retd) Mr. D.K. Jain, who was appointed to supervise the resolution of group companies of IL FS by the Hon'ble NCLAT vide its order dated 04.02.2019. 4. It is stated that IL FS is a parent company of IEDCL and IEDCL is the parent company of the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mumbai seeking approval to initiate the CIRP of the Corporate Applicant under Section 10 of the IBC, 2016. The NCLT, Mumbai vide its order dated 15.09.2021 granted its approval for initiation of the CIRP with respect to the Corporate Applicant. Since the registered office of the Corporate Applicant is situated in Ahmedabad, this application is filed before this Adjudicating Authority for necessary directions. 6. It is submitted that as on 31.10.2021 there are nine Operational Creditors and five Financial Creditors in the Corporate Applicant wherein Rs. 70,78,238/- and Rs. 270,92,20,407/- are owed to those Operational Creditors and Financial Creditors respectively. (annexed at Page 6 to 16 annexure-A1 collectively of the additional affid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIRP of the Corporate Applicant subject to the approval of the NCLT. Thereafter, the NCLT, Mumbai has also allowed the application filed by the IL FS for initiation of the CIRP of the Corporate Applicant and winding up/liquidation of the other subsidiary companies of IL FS. 10. The Corporate Application has also served a copy of this application to the IBBI in Form 1A. The name of the IRP has also been proposed as per Section 10(b) of the IBC, 2016. 11. The default amount meets the threshold limit as prescribed under Section 4 of the IBC, 2016. The default claimed in the application is well within the limitation period to initiate the CIRP proceeding. The application is otherwise complete and defect-free. Hence, we admit the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Applicant Company under Section 33 of the Insolvency Bankruptcy Code, 2016, as the case may be. IV. We hereby appoint Ms. Prajakta Menezes, having Registration No. IBBI/IPA-001/IP-P01349/2018-19/12016, address: 416, Crystal Paradise, Dattaji Salvi Marg, Off Veera Desai Road, Andheri West, Mumbai-400053, e-mail: prajakta@prmlegal.in, to act as an IRP under Section 13(1)(c) of IB Code. He shall conduct the Corporation Insolvency Resolution Process as per the provision of Insolvency and Bankruptcy Code, 2016 r.w. Regulation made there-under. V. The IRP shall perform all his functions as contemplated, inter-alia, under Sections 17, 18, 20 21 of the Code. It is further made clear that all personnel connected with the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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