Indiacrete Ready Mix Private Limited Vs Theme Developers Private Limited (NCLT Mumbai)
NCLT Mumbai held that application under section 9 of the Insolvency and Bankruptcy Code against Theme Developers Private Limited [Corporate Debtor] for initiation of Corporate Insolvency and Resolution Process [CIRP] admitted as operation debt and default thereon duly established.
Facts- This is an Application filed under Section 9 of Insolvency and Bankruptcy Code, 2016 by Indiacrete Ready Mix Private Limited (the Operational Creditor) against Theme Developers Private Limited (the Corporate Debtor) seeking commencement of CIRP, appointment of IRP and declaration of moratorium upon the Respondent.
Conclusion- Held that the Applicant has proved that there exists a debt of more than Rs. 1 Crores as prescribed under Section 4 of IBC, 2016, which is under default by the Respondent. The Applicant has attached all the documents required for establishing the debt and default and therefore, we hold that the Application is filed is incomplete. Further, we also find that there is no payment of the unpaid operational debt by the CD, the invoice or notice for payment to the CD has been delivered by the OC on the CD, no notice of pre-existing dispute has been received by the OC and from the Form-2 dated 30.12.2024 submitted by the proposed IRP Mr. Debi Prasanna Sarangi attached on page No. 463-465 of the Application, no disciplinary proceedings are pending against him. In view of the same, we are of the view that this Application is required admitted. Thus, the Respondent/Corporate Debtor- Theme Developers Private Limited, is admitted in the Corporate Insolvency Resolution Process under Section 9 of the IBC, 2016.
