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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 ..... o the claim, it is averred by the Operational Creditor arises out of a Selling Agent Agreement entered into between the Operational Creditor and the Corporate Debtor and that by virtue of the said Selling Agent Agreement the Operational Creditor is entitled to a sum of Rs. 6,49,575/- against invoices raised from 01.10.2015 to 30.06.2016 and towards interest at the rate of 12 per cent and that further a sum of Rs. 300,000/- is also required to be reimbursed, which 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 Rs. 10,08,037/- being the claim made in the application. 2. It is further averred that the respondent-Corporate Debtor is engaged in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore this Jaipur Bench of the Tribunal on 26.07.2018 wherein, it is seen from record of proceedings that both the parties were duly represented by the respective counsels and pleadings were directed to be completed and the matter was to be taken up on 23.08.2018. 4. It is seen that a representation in the meanwhile was made on behalf of the Corporate Debtor by its director, Mr. Amod Agarwal that the Corporate Debtor is not in a position to answer the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of units and that the same has been annexed as Annexure-5 to the typed set filed along with the application. A copy of the demand notice is also annexed as Annexure-6, the tracking report evidencing its service upon the Corporate Debtor is annexed at Page No. 59, which shows that the item has been delivered to the Corporate Debtor. From the records as brought out before this Tribunal it clearly shows that the Corporate Debtor is not in a 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst 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. 9. 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 Corporate Debtor. IRP to exercise the powers within the confines of IBC, 2016 and shall perform all duties as behoved upon IRP under the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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