9911796707
TMI Blog2022 (10) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... as "IBC, 2016"), read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of Corporate Insolvency Resolution Process (Hereinafter referred as CIRP) and further stating that it has committed default in paying the debt to the tune of Rs. 1,32,10,445/- to Financial and Operational Creditors. 2. It is submitted that the Corporate Applicant is a Private Limited Company incorporated under the Companies Act, 2013 having CIN No. U74999TG2016PTC111073. The Corporate Applicant further submitted that it is engaged in the business of online selling and providing medical services through innovative technology related to Medical and Healthcare like Diagnostic services, emergency services, Doctor a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered as in its Annual General Meeting on 29.12.2020. The same are enclosed with the Application. 3.4. It is submitted that the Corporate Applicant has filed a memo in furtherance of the Application stating that: i. It has no secured creditors. ii. The notice has been sent to all the unsecured financial creditors via e-mail who hold 67.97% of the total debt. iii. Further notice has also been sent to the statutory authorities i.e Office of Income Tax, Commercial Tax and Provident Fund, against whom the liability holds to 20.20% of the total debt. iv. The Notice has been sent via e-mail to other trade payables to the extend who holds 6.6% of the total debt, where notice to trade payables and employees who hold upto 4.4% of the total d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o brought to our notice that Corporate Applicant has no secured creditors which was supported vide Certificate issued by Chartered Accountant dated 29.06.2019. We observed that Corporate Applicant has faced many challenges in its business operations which were critical to its functioning like availability of ambulances etc. 5.2. It is also brought to our notice that due to acute financial constraints, the Corporate Applicant could not maintain the accounts regularly and as a result the total amount in default is Rs. 1,32,10,445/-. 5.3. In view of the several challenges faced by the Corporate Applicant as detailed in the Application. The Corporate Applicant started facing heavy losses which resulted in non-fulfilment of their commitments a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate Applicant; (b) That the supply of essential goods or services to the Corporate Applicant, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) That the provisions of sub-section (1) of Section 14 of IBC, 2016 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) That the order of moratorium shall have effect from the date of the 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 Applicant under Section 33, whichever is earlier. (e) That th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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