Rexel India Private Limited Vs Proto D Industries Private Limited (NCLT Mumbai)
NCLT Mumbai held that since existence of financial debt and default thereon is established, application filed under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency and Resolution Process [CIRP] against Proto D Industries Pvt. Ltd. [Corporate Debtor] is admitted.
Facts- This is an Application filed on 10.07.2024 by Rexel India Private Limited, the Applicant (Operational Creditor) 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. The Application is signed by Mr. Suraj Alhat authorised vide Board Resolution dated 24.01.2024 for initiating Corporate Insolvency Resolution Process in respect of Proto D Industries Private Limited, the Corporate Debtor (CD).
Conclusion- Held that the Applicant has placed on record the necessary evidences and materials to demonstrate the existence of the financial debt exceeding the minimum threshold of Rs.1 Crore prescribed under Section 4 of the Code due and payable by the CD as well as the default in repayment thereof by the CD. The Applicant has served the Demand Notice upon the CD, and that the CD has failed to establish the existence of any pre-existing dispute. The Application is complete as all the relevant documents have been attached by the Applicant along with the Application.
