Unisafe Fire Protection Specialist India Private Limited Vs Digizone Technology Private Limited (NCLT Mumbai)
NCLT Mumbai admitted CIRP application filed u/s. 9 of the Insolvency and Bankruptcy Code by operational creditor [Unisafe Fire Protection Specialists India Pvt. Ltd.] against Corporate Debtor [Digizone Technology Private Limited] since application is complete and default is proved.
Facts- The present Company Petition has been filed 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 by Unisafe Fire Protection Specialists India Pvt. Ltd. (‘Operational Creditor/ ‘the Petitioner’) for initiating Corporate Insolvency Resolution Process (‘CIRP’) against Digizone Technology Private Limited (‘Corporate Debtor’), concerning the default in payment of an outstanding debt of Rs. 7,62,18,573/-.
Conclusion- Held that, the application filed by the Operational Creditor is complete in all respects as mandated under the Code; (i) the Petition is filed within the limitation period; (ii) the default amount is above the threshold limit of Rs. 1 Crore mandated under Section 4(1) of the Code; (iii) there is no pre-existing dispute; (iv) default is not within 10A period. Therefore, we are satisfied that the present petition is maintainable and deserves to be admitted.
