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TMI Blog2022 (10) TMI 382X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") against M/S. Nexus Well-Hope Agri Tech International Limited (hereinafter referred to as the "Respondent/Corporate Debtor"). 2. Brief facts of the matter, as submitted by the Applicant are as follows: a) The Applicant and the Corporate Debtor have been involved in a trade relationship, in furtherance of which, the former had agreed to supply certain goods, pursuant to the request of the latter, as and when orders for the same would be placed by the Corporate Debtor. (b) The supply of soybean meal was to be made at two units of the Corporate Debtor, one s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor. (g) The Corporate Debtor replied to the said demand notice, raising baseless charges about the quality and quantity of the goods that had been supplied by the Applicant. Such complaint has never been raised previously and hold no water under the Code, 2016. (h) Therefore, there exists a debt in as much as that the Corporate Debtor has failed to pay the due of Rs. 97,65,235/- (Rupees Ninety Seven Lakhs Sixty Five Thousand Two hundred and Thirty Five Only) to the Operational Creditor, in respect of the goods supplied. The debt, thus, stands alive and undischarged. Hence, the instant Application under Section 9 of the Code, 2016, seeking initiation of CIRP against the Corporate Debtor. 3. The Corporate Debtor has been set ex-p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Further, the Applicant has complied with all the requirements as stipulated under the provisions of the Code, 2016, for the purpose of initiating the CIRP against the Corporate Debtor. In these circumstances, we are satisfied that the Applicant has proved its case by placing evidence with regard to the debt owed by the Corporate Debtor and its default. 6. Before proceeding further, it may be of some significance to note here that the total amount of debt that is due in the instant Application is below the current threshold amount of Rupees One Crore, which is mandatory for the initiation of the CIRP. We deem it prudent to clarify the issue. The instant Application was filed in the year 2019, when the threshold amount for the initiation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [email protected], from the list of the panel of the Insolvency and Bankruptcy Board of India (for 01 July, 2022 to 31 December, 2022), as the IRP for the Corporate Debtor. The IRP is directed to file his consent and the Authorisation for Assignment within three days from the date of receipt of this order. 10. The IRP is directed to take charge of the Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the Code, 2016, within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 11. Moratorium is, hereby, declared which shall have effect from the date of this order till the completion of Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. 12. However, the supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. Further, the provisions of Sub-section (1) of Section 14 of the Code, 2016, shall not apply to such transactions, arguments or arrangements as notified by the Central Government in consultation with a financial sector regulator or any other authority. 13. The Applicant is directed to pay, within 10 days from the date of this order, a sum of Rs. 1,50,000/- towards the advance fee of the IRP and expenses towards the CIRP, which shall be ratified later on by the Committee of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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