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TMI Blog2019 (6) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner has neither received any notice from the Corporate Debtor relating to a dispute of the unpaid operational debt nor it has received any payment against the outstanding amount. Therefore, any dispute with regard to the operational debt is not proved. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition is admitted for CIRP - moratorium declared. - CP (IB) No.118/Chd/Pb/2019 - - - Dated:- 7-6-2019 - Mr M.K. Shrawat, Member (Judicial) And Mr. Pradeep R. Sethi, Member (Technical) For The Operational Creditor : Mr. Vinod Kumar Mahajan, Advocate For The Corporate Debtor : Mr. D.K. Gupta, Advocate JUDGEMENT This petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as Code) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as Rules) by M/s V.K. Traders (Operational Creditor) for initiating the Corporate Insolvency Resolution Process (CIRP) in the case of M/s Tripurari Agro (Pvt.) Limited (Corporate Debtor). As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt with tracking report are enclosed and the item sent by speed post was delivered as mentioned at Page 4 of Diary No.2539 dated 17.05.2019. The copy of the notice is also stated to be sent by e-mail on 25.04.2019 on the e-mail address of the Corporate Debtor and the same was successfully delivered (Page 6 of Diary No.2539 dated 17.05.2019). 7. The Corporate Debtor filed reply vide Diary No.2549 dated 20.05.2019 by way of affidavit of Mr. Balwinder Kumar, Director of the Corporate Debtor. Respondent had been dealing with the Applicant- Operational Creditor since long and there was no occasion when the respondent defaulted in repayment of the amount due. Even during the period from 01.04.2017 to 31.03.2018, the respondent has paid a sum of ₹36,30,538/- and has further paid ₹20,00,00/- from 01.04.2018 onwards. The intention of the respondent is to pay off the full dues of the Operational Creditor but due to adverse market conditions and huge losses incurred by the respondent, it is not possible at present to pay off the Operational Creditor. This has been conveyed to the Operational Creditor on a number of occasions in personal meetings. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spute in the information utility; and ( e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any. 13. We have gone through the contents of the application filed in Form No. 5 and find the same to be complete. As discussed above, there is an unpaid operational debt amounting to ₹17,88,100.22/-. Copy of Ledger Account of the corporate debtor in the books of the financial creditor for the period of 01.04.2017 to 31.03.2018 [Annexure A-8 (Colly) of the petition] has been filed showing recoverable amount of ₹17,88,100.22/-. The copies of invoices have been filed at Annexure A-5 (Colly) of the petition. Moreover, demand notice in Form No. 3 was also sent on 26.12.2018 stating that the amount due from the corporate debtor to the operational creditor is ₹17,88,100.22/- and despite service of the notice, no reply was received. We have held above that the demand notice in form No.3 dated 26.12.2018 was properly delivered by the Operational Creditor and that no reply thereof was furnished by the Corporate Debtor and no pre-existing dispute is also proved. The Int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Research Associate of this Tribunal has checked the credentials of Mr. Suresh Kumar Bansal and there is nothing adverse against him. In view of the above, we appoint Mr. Suresh Kumar Bansal, Registration No.IBBI/IPA-002/IP-N00605/2018-19/11863, Mobile No.7009470631, e-mail id: [email protected] as the Interim Resolution Professional, with the following directions:- i) The term of appointment of Mr. Suresh Kumar Bansal shall be in accordance with the provisions of Section 16(5) of the Code; ii) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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