In the matter of Amita Art Printers Private Limited Cp (Ib) No. 3530 of 2019
Case brief
What is this about?
An operational creditor filed a Section 9 application under the Insolvency and Bankruptcy Code, 2016 against a corporate debtor for the third time after previous withdrawals based on settlements. The NCLT rejected the debtor's defense of partial cash payment due to lack of evidence and prior conduct, admitting the petition and initiating CIRP with the appointment of an Interim Resolution Professio
What did the court decide?
Initiation of Corporate Insolvency Resolution Process (CIRP) against the debtor, appointment of Interim Resolution Professional, imposition of moratorium, and prohibition on suits or asset alienation.
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH
CP (IB) NO. 3530 OF 2019
APPLICATION BY OPERATIONAL CREDITOR TO INITIATE CORPORATE INSOLVENCY RESOLUTION PROCESS UNDER CHAPTER II OF PART II OF THE CODE.
(Under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to adjudicating Authority) Rules, 2016)
In the matter of
B.M. Agencies, A Proprietorship
Concern having GST Registration No. 27AIUPB0530AIZU, PAN No. AIUPB530A and having it’s office At Godown No. 9 C, RLY. Comp, Hussain Patel Marg, Mazgaon, Near Dockyard railway station, Mumbai – 400010.
.... Operational Creditor
Versus
Amita Art Printers Private Limited. A Company incorporated under Companies Act, 1956 having CIN U22219MH2008PTC188485 and Having its registered office at B/57, Giriraj Industrial Estate, Mahakali Caves Road, Andheri (East) Mumbai – 400093.
Issues for consideration
3 issues framed by the court
Whether to admit a third application under Section 9 of the Insolvency and Bankruptcy Code, 2016 in view of previous withdrawals and alleged partial payments lacking documentary proof.
Whether the Corporate Debtor's claim of partial paymentvia cash supported only by later-discovered vouchers justifies dismissal of the insolvency application.
How to manage the initiation of Corporate Insolvency Resolution Process (CIRP) including appointment of Interim Resolution Professional and imposition of moratorium.
Parties & counsel
- applicant
B.M. Agencies, A Proprietorship
Coram
H.V. Subba Rao
Chandra Bhan Singh
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court