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TMI Blog2019 (11) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Shilpraj Developers Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor M/s. Nuvoco Vistas Corporation Limited is a limited company having identification number U26940MH1999PLC118229, having its registered office at Equinox Business Park, Kurla (West), Mumbai 400 070. 3. That, the respondent/corporate debtor M/s. Shilpraj Developers Private Limited is a company incorporated under the Companies Act, 1956 on 04.11.1988 and h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... delivery challan 12-53 04 Detailed working computation 54 05 Purchase orders 55-56 06 Certificates from the Citi Bank and Yes Bank that no amount has been received from the corporate debtor 57-58 07 Ledger maintained by operational creditor 59-61 08 Notice dated 8th September, 2017 issued under IB Code, 2016 62-67 09 Proof of services and proof of delivery of demand notice dated 8th September, 2017 68-70 10 e-mail correspondence with corporate debtor 71-73 11 Letter dated 11.01.2017 issued by operational creditor to corporate debtor 74 12 Certificate of incorporation pursuant to change of name 75 13 Affidavit in support of application 76 6. Corporate Debtor filed affidavit in reply raising various objections ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company is required to make payments to various suppliers. Since there is recession in the real estate market the respondent is not in a position to pay the outstanding. That, the company is a going concern. That, the petitioner has claimed default of Rs. 10,89,433/- as per the working given at Page No. 54 to the petition. That, the said working includes interest calculated from 22.06.2016, however, as per the balance confirmation placed at Page No. 74 to the petition, an amount of Rs. 7,68,974/- has been shown in the books of account as on 31.12.2016. That, as per the business terms and conduct of parties, no interest was ever charged by the operational creditor and the payments made at convenience of the corporate debtor were accepted wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n relating to the validity of the power of attorney, on perusal of the records it is found that a "letter of authority" dated 28th August, 2017 has been issued by Mr. Arun Shukla, Chief & Product Line General Manager - RMX & Aggregate Division, Nuvoco Vistas Corporation Limited authorising Mr. Hardik Hasmukhlal Thakore, Assistant Manager - Accounts & Admin, to represent the petitioner company in the proceedings before arty Forum, Tribunal, Labour Court, Civil Court, Criminal Court, High Court or any other Court of Law/NCLT/Judicial Forum in the state of Gujarat. On perusal of the record it is also found that a resolution was passed by the Board of Directors of the petitioner company on 8th August, 2017 authorising Mr. Arun Shukla, Chief & P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eof as enshrined in Insolvency & Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and service is complete. 16. That, the Application filed by the Applicant is complete in all respects. 17. The applicant/operational creditor has not proposed the name of Interim Resolution Professional. This Adjudicating Authority hereby appoint Shri Sunil Kumar Agarwal, Tower 6/603 Devnandan Heights, Near Poddar School, New C.G.Road Chandkheda, Ahmedabad 382 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 21. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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