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TMI Blog2019 (11) TMI 1073X X X X Extracts X X X X X X X X Extracts X X X X ..... CAL) For The Petitioner : Mr. Vaibhav Sahni, Advocate And Mr. Amitabh Tewari. Advocate For The Respondent : None JUDGMENT Per : Ajay Kumar Vatsavayi, Member (Judicial) The instant petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred to as Code ), read with Rule 6, of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, (hereinafter referred to as Rules ). The application has been filed in Form-5 as prescribed in Rule 6(1) of the Rules. 2. The petitioner i.e. New Chemtex (India) has filed the application through its proprietor Shri Surinder Kumar Pupneja. The petitioner has also filed Form GST REG 06 Registration Certificate, which is annexed as Annexure A-1 (colly) to the petition. There is also an affidavit of Shri Surinder Kumar Pupneja, in support of the contents of the application. 3. The respondent-corporate debtor is a company incorporated under the Companies Act, 1956, with authorized share capital of ₹ 30,00,000/- and paid-up capital of ₹ 15,30,000/-. It has its regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debt pending between the parties in any court of law or authorities as on day. 6. Notice of this petition to show cause as to why this petition be not admitted was issued to the respondent-corporate debtor on 05.09.2018, and the matter was fixed on 10.10.2018. However, on the said date i.e. 10.10.2018, the learned counsel for the petitioner handedover the envelope across bar containing copy of the petition with entire paper book which was dispatched to the respondent-corporate debtor. The same was stated to have been returned undelivered with the report purported to be made by the postal employee that the office is lying closed for long. The learned counsel further submitted that envelope was dispatched by speed-post on 03.10.2018, which was too late and that the record of the postal department was not updated. Thus, a fresh notice was issued to the respondent-corporate debtor and the matter was fixed for 12.11.2018. 7. When the matter was listed on 12.11.2018, the learned counsel for the petitioner handedover the envelope containing copy of notice and the paper book of the petition, which was sent by speed post to the respondent-corporate debtor with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019, it was noticed that there was no representation from the respondent. 11. We have heard the learned counsel for the petitioner and perused the records carefully. 12. We have perused the application in Form-5, which is complete in all respects. The petitioner-operational creditor has filed this petition in prescribed form after expiry of 10 days of service of demand notice and thereby, complying with the requirement of sub-sections (1) and (2) of Section 9 of the Code. The petitioner has also complied with various requirements of sub-clauses of sub-section (3) of Section 9 of the Code. The bank statement issued by HDFC Bank, where the petitioner is maintaining its account is also filed, the same is at Annexure A-7. 13. The proposed Resolution Professional has filed Form-2 (Annexure 10 of the petition), stating that there are no disciplinary proceedings pending against him with the Board or institute of Insolvency Professionals. 14. All the ingredients of clause (i) of sub-section (5) of Section 9 of the Code stand fulfilled as the application is found to be complete in all respects. We therefore, admit this CP and dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii) 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 Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iv) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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