CHIVAS TRADING PVT LTD Vs. ABHAYAM TRADING LIMITED

JUDGEMENT

(1.) This is an application filed under Section 7 of the Insolvency And Bankruptcy Code 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicant has provided evidence for default (placed at Page 37) wherein it has been confirmed that the corporate debt to the tune of Rs.26,50,000/- is outstanding as on 31.03.2017. The applicant (financial creditor) also issued demand notice on 01.04.2017 for payment of the outstanding amount.

(2.) Looking to the contents of the application and the records placed on file, the requirements of law are fulfilled. We hereby allow the application of the financial creditor and order the commencement of the corporate insolvency resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. We appoint Mr.J.Rakesh Tulsidas Chaturvedi, Chartered Accountant, as interim insolvency professional who has been proposed by the financial creditor. He is directed to take charge of the corporate debtor immediately. He is also directed to cause public announcement as prescribed under Section 15 of the Code within three days from the date the copy of this order is received, and call for submissions of claim under section 15 of IBC 2016 in the manner as prescribed. No disciplinary proceeding is pending against the Interim Insolvency Professional and his name is reflected on the website of the Insolvency and Bankruptcy Board of India. We declare the moratorium which shall have effect from the date of this order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the IBC 2016. We order to prohibit all of the following, namely :

(3.) The Registry is directed to inform the Insolvency Resolution Professional to take charge of the entity and make compliance with this order as per the provisions of IBC, 2016. Accordingly, the application is admitted. The Registry is directed to communicate this order to the financial creditor and the corporate debtor.