DSM Projects Private Limited Vs A N Enterprises Infrastructure Services Private Limited (NCLT Mumbai)
NCLT Mumbai held that the Corporate Debtor has committed a default in repayment of debt which is due and payable to the Financial Creditor. Accordingly, application u/s. 7 of the Insolvency and Bankruptcy Code admitted for initiation of CIRP against Corporate Debtor.
Facts- This is an application filed on 16.12.2024 by the Applicant- M/s. DSM Projects Private Limited (Financial Creditor or Petitioner), against the Respondent- A.N. Enterprises Infrastructure Services Private Limited (Corporate Debtor), under Section 7 of the Insolvency & Bankruptcy Code 2016 r/w Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, seeking commencement of the Corporate Insolvency Resolution Process (‘CIRP’) of the Corporate Debtor, appointment of Interim Resolution Professional (‘IRP) and declaration of moratorium. The amount claimed to be in default is INR 60,19,50,000/- along with outstanding interest is INR 38,87,32,822/- and the date of default is stated to be 13th March, 2022.
Conclusion- Held that the Corporate Debtor has committed a default in repayment of debt which is due and payable to the Financial Creditor. We have also found that the Applicant has attached all the documents required to be filed along with the Petition/Application and therefore, we hold that the application filed by the Applicant is complete. The Applicant has also proposed the name of Mr. Pradeep Kumar Chakravarty as the proposed IRP and as per the consent given by the above-named proposed IRP, there are no disciplinary proceedings pending against him. Hence, as per the law laid down by the Hon’ble Apex Court in Innoventive Industries Ltd case, we are left with no choice but to admit this application u/s 7(5)(a) of the Code.
