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TMI Blog2018 (12) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... with Registration No. as noted above is appointed as an Interim Resolution Professional (IRP) to commence and carry forward the CIRP against the Corporate Debtor. In terms of Section 17 of IBC, 2016, the powers of the Board of Directors of the Corporate Debtor shall stand suspended and the IRP appointed by this Tribunal as proposed by the Operational Creditor will take charge of affairs of the Company henceforth. In terms of Section 19 of IBC, 2016, the Board of Directors of the Corporate Debtor whose powers stands suspended as well as its personnel shall fully co-operate with the IRP appointed herein and due co-operation shall also be extended to the IRP by the employees, associates and professionals rendering their service to the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch was initially paid as a security deposit arising out of Selling Agent Agreement dated 01.06.2013 and that the aggregate amount thereby totals to ₹ 10,08,037/- being the claim made in the application. 2. It is further averred that the respondent-Corporate Debtor is engaged in the business of promotion of real estate projects and that the Operational Creditor was successful in selling sum of the properties/units developed by the Corporate Debtor and that the Operational Creditor is entitled to the agreed percentage of commission promised to him vide the agreement dated 01.06.2013 and that despite repeated reminders since the amount was not paid by the Corporate Debtor, a Notice of Demand under Section 8 of IBC, 2016 was issued to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e claim of the petitioner whereupon this Tribunal directed the Corporate Debtor to file its provisional financial statements as on 31.7.2018 and also stating by way of an affidavit that the Corporate Debtor is unable to pay or otherwise contest the claim. Finally, this matter was heard on 29.09.2018 and the petitioner was represented by its learned counsel and the Corporate Debtor by its director 'Amod Agarwal'. Submissions were heard on behalf of the petitioner as well as the Corporate Debtor. Learned counsel for the petitioner took us through the documents filed along with the application/petition, namely Selling Agent Agreement as entered into between the parties annexed as Annexure- A-7 giving rise to the claim which shows that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... position to oppose the claim as raised by the Operational Creditor and as disclosed in the affidavit filed by Mr. Amod Agarwal, son of Mr. Ramesh Chand Agarwal who is a director of the Company, dated 23.08.2018 and as per the admission of the Corporate Debtor. It is evident that the Corporate Debtor is not in a position to answer to the claim of the Operational Creditor, which clearly points out to Insolvency of the Corporate Debtor. Documents in support of the petition also reinforces the same as required under the provision of IBC, 2016 read along with the attendant rules. 7. The Operational Creditor in Part III of the application filed, has proposed the name of Miss. Sarita Duck having Registration No. IBBI/IPA-002/IP-N00409/2017-2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -operate with the IRP appointed herein and due co-operation shall also be extended to the IRP by the employees, associates and professionals rendering their service to the Corporate Debtor. IRP to exercise the powers within the confines of IBC, 2016 and shall perform all duties as behoved upon IRP under the provisions of IBC, 2016 as well as all attendant rules and regulations, without any let and shall also file the status report in relation to the progress of the CIRP of the Corporate Debtor. A copy of this order shall be duly communicated to the Operational Creditor, Corporate Debtor as well as to learned IRP, namely, Miss Sarita Duck at the earliest not later than three days from today. Copy of this order shall also be forwarded to IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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