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TMI Blog2019 (10) TMI 1154X X X X Extracts X X X X X X X X Extracts X X X X ..... - moratorium declared. - C.P. (IB) NO. 968(PB)/2019 - - - Dated:- 19-8-2019 - JUSTICE (RTD.) M.M KUMAR, PRESIDENT AND JUSTICE S.K. MOHAPATRA, MEMBER (T) For The Petitioner : Mr. A. S. Narang, Mr. A.K. Vali And Mr. Rajat Jain, Advocates For The Respondent : Mr. Aditya Gupta And Mr. Rahul Kinra, Advs. JUDGMENT Chief Justice M.M. Kumar, President. The petitioner-M/s. Oyster Steel and Iron Private Limited has preferred the present petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ), read with Rule 6, of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity Rules, 2016) with a prayer for triggering the Corporate Insolvency Resolution Process in respect of Respondent-M/s. Royal Kitchen Appliances Private Limited which has its registered office in New Delhi. The petitioner has not proposed the name of any Interim Resolution Professional and has left it to the discretion of naming one by this Tribunal as such an option is available to us. 2. Brief facts necessary for disposal of the contr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or which is incorporated registered entity. Mr. Narang, learned counsel for the petitioner has argued that alloy ingots were supplied by the petitioner to the proprietorship concern Royal Appliances in year 2013. The Corporate Debtor on 24.07.2014, took over the business of Royal Appliances through slump sale . It also took over the liabilities and assets of Royal Appliances. Learned counsel has drawn our attention to the ledger account in respect of Royal Appliances produced by the Corporate Debtor for the period of 01.04.2013 to 31.03.2014, in respect of the Operational Creditor which shows an outstanding amount of INR 1,90,58,140.00/-. The payment has been made by the Corporate Debtor-M/s. Royal Kitchen Appliances Private Limited as is evident from the ledger for the period 01.04.2014 to 31.03.2015, and the total balance struck is INR 1,51,58,140.00/- as on 31.03.2015. The position is the same in respect of Corporate Debtor-M/s. Royal Kitchen Appliances Private Limited for the period 01.04.2015 to 30.06.2015, and the same amount has been shown to be outstanding by the Corporate Debtor in its ledger from 01.07.2015 to 31.03.2016. The matter does not end here. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,140.00 1,51,58,140.00 Cr. Total 0.00 1,51,58,140.00 Credit Balance 1,51,58,140.00 Grand Total 1,51,58,140.00 1,51,58,140.00 ROYAL KITCHEN APPLIANCES PVT. LTD. KHASRA NO.- 15/6/1, VILLAGE JOSHIJAT, SONEPAT ROAD, BAHALGARH, DISTT. SONEPAT, HARYANA-131021 India, CIN No. U74140DL2014PTC269420 LEDGER (From 1-4-2016 to 31-3-2017) Account : OYSTER STEEL IRON PRIVATE LIMITED Date Type Vch No. Particulars ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08,140.00 1,44,08,140.00 Cr. Total 0.00 1,44,08,140.00 Credit Balance 1,44,08,140.00 Grand Total 1,44,08,140.00 1,44,08,140.00 5. The financial position extracted from ledgers above does not leave any manner of doubt that M/s. Royal Kitchen Appliances Private Limited has not only made payment which were due and payable by Royal Appliances-the proprietorship firm but has also acknowledged the debt of Royal Appliances-the proprietorship firm as is evident from the ledger accounts attached with the reply filed by the Corporate Debtor. 6. Confronted with the aforesaid factual position, learned counsel for the Respondent has dr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. The Operational Creditor has not named anyone as Interim Resolution Professional and has requested us to appoint one for the Corporate Insolvency Resolution Process. The Insolvency and Bankruptcy Board of India (IBBI) has recommended a panel of Insolvency Professionals for appointment as Insolvency Resolution Professionals for the period 01.07.2019 to 31.12.2019, in compliance with Section 16 (3) (a) of the Code in order to avoid delay. The list of recommended Insolvency Professionals provides instant solution to NCLT-Adjudicating Authority to pick up the name and appoint anyone. It also helps in meeting the timelines given in the Code and save unnecessary wastage of time in asking the Insolvency and Bankruptcy Board of India to recommend the name and then to appoint such Interim Resolution Professional by NCLT-Adjudicating Authority. Accordingly, we appoint Mr. Sandeep Jain, email id - [email protected], Mobile No. 96541-11115 and Registration No. IBBI/IPA-001/IP-P01740/2019-20/12622 as an Interim Resolution Professional. The aforesaid Interim Resolution Professional has no disciplinary proceeding pending against him nor anything else has been pointed out with regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... include supply of water, electricity and similar other services or supplies as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 14. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 19, 20 21 of the Code. He must follow best practices and principles of fairness which are to apply at various stages of Corporate Insolvency Resolution Process. His conduct should be above board independent; and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as maybe required by him in managing the affairs of the Corporate Debtor. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else the Interim Resolution Professional/Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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