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Judgment
This Application is filed by M/s. Sun (Inox) Steels Private Limited, (“hereinafter referred to as Operational Creditor”) seeking initiation of Corporate Insolvency Resolution Process in respect of M/s. CPR Laboratories Private Limited (“hereinafter referred to as Corporate Debtor”) alleging that the Corporate Debtor committed default in making payment of Rs.15,00,271/- towards invoices raised against the goods supplied. Hence petition under Section 9 of Insolvency and Bankruptcy Code, 2016 (referred to as “Code”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Insolvency Resolution Professional (IRP) as prescribed under the Code and Rules thereon.
It is submitted that the Corporate Debtor engaged the services of Operational Creditor to utilise the material supplied by the Operational Creditor. The Operational Creditor issued demand notice dated 20.12.2019 to the Corporate Debtor. But the Corporate Debtor did not issue any reply to the said demand notice. Neither was any payment made towards the demanded debt.
I heard the counsel for the Operational Creditor and perused the averments made in the Petition as well as the documents annexed to the Petition. It is evident that the Corporate Debtor did not respond to the notice of demand issued by the Operational Creditor. The Corporate Debtor did not file counter inspite of granting several adjournments. By virtue of order dated 21.12.2020, the Tribunal forfeited the right of the Corporate Debtor to file counter and the matter was listed for arguments. The Counsel for the Corporate Debtor did not appear thereafter. Hence it can be understood that the Corporate Debtor does not have anything to submit in opposition to the contentions made by the Operational Creditor.
Hence I am of the considered view that it is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor has suggested one name i.e., Mr. Pavan Kankani (IBBI/IPA-002/IP-N00368/2017-2018/11062) as Insolvency Resolution Professional (IRP).
ORDER
The Company Petition is admitted ex-parte. The Corporate Insolvency Resolution Process of the Corporate Debtor shall commence from this date and shall be completed within 180 days hence.
Mr. Pavan Kankani, (Registration No. IBBI/IPA-002/IP-N00368/2017-2018/11062), having office at 302, 3rd Floor, City Center, 3-6-140/A, Himyat Nagar, Hyderabad, Telangana-500029; e-mail: [email protected]; Mobile: 9849026725 is appointed as the Interim Resolution Professional. No disciplinary proceeding is pending against him as per the IBBI website. ii. He is directed to take charge of the Corporate Debtor's management forthwith and take necessary steps in furtherance of the CIRP in terms of Sections 13(2), 15, 17, 18 and 20 of Code and Rules made thereunder. iii. Moratorium in respect of the Corporate Debtor is hereby declared in terms of Section 14 of the Code. iv. The Directors, Promoters or any other person(s) associated with the management of Corporate Debtor shall extend all assistance and cooperation to the IRP as stipulated under section 19 of the Code for effectively discharging his functions under the Code. v. The Registry shall communicate the order to the Operational Creditor and the Corporate Debtor forthwith. vi. The Operational Creditor and the Registry shall send the copy of this order to IRP for necessary compliance.