9911796707
TMI Blog2018 (12) TMI 1048X X X X Extracts X X X X X X X X Extracts X X X X ..... t payment of the outstanding default amount is not received from the Corporate Debtor in the bank account of the Corporate Debtor. The Corporate Debtor has not raised any dispute regarding the unpaid operational debt. The application made by the Petitioner is complete in all respects as required by law and it clearly shows that the operational debt has not been paid as also confirmed by the Corporate Debtor in its reply to the demand notice. Therefore, there is a clear default on the part of the Corporate Debtor in payment of outstanding amount to the Petitioner, and there was no existing dispute regarding the same. On perusal of the pleadings and documents submitted and the arguments of the counsel appearing for both the sides, we ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any payment from the Corporate Debtor except one on 18.10.2017 amounting to ₹7,450/- and the same has been deducted from the total dues to calculate the amount claimed in the Petition. 3. The respondent has replied to the demand notice vide its letter dated 12.10.2017 stating that its business is facing severe hardships on different accounts and they are suffering from lack of monetary funds to make payment and sought 3 to 4 months time for arranging money and settle the account with the Petitioner. 4. Heard the argument of the Ld. Counsels for the parties and perused the record. 5. When a section 9 petition is filed before this Tribunal, we have to admit the application if the application is complete in all respects; there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor in its reply to the demand notice. 8. Therefore, there is a clear default on the part of the Corporate Debtor in payment of outstanding amount to the Petitioner, and there was no existing dispute regarding the same. 9. The Corporate Debtor having subsequently named the Interim Resolution Professional ( IRP ) with his consent and there being no disciplinary proceedings against the proposed IRP. 10.On perusal of the pleadings and documents submitted and the arguments of the counsel appearing for both the sides, we are of the view that the present case is fit for Admission under the Insolvency and Bankruptcy Code, 2016. ORDER The petition filed under Section 9 of Insolvency and Bankruptcy Code, 2016 is adm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the resolution plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. VI. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of IBC. VII.That this Bench hereby appoints Mr. Pinakin Shah, having Registration Number [IBBI/IPA-002/IP-00106/2017-2018/10248] as Interim Resolution Professional to carry the functions as mentioned under IBC. 11. The Registry is hereby directed to immediately communicate this order to the Operational Creditor, the Corporate Debtor and the Interim Resolution Professional even by way of email or whatsapp. - - TaxTMI - TMITax - Inso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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