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TMI Blog2020 (6) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... terim Resolution Professional. 2. Part-I of the Application sets out about the Operational Creditor from which, it is evident that the Operational Creditor is a Public Limited Company. Part-Il of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U5122TN2015PTC099926 which was incorporated on 06.04.2015and that its Authorized Share capital and paid up capital is Rs. 24,00,00,000/- and Rs. 17,30,59,300/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at No. 11/6, Bishop Wallers Avenue (South), CIT Colony, Mylapore, Chennai - 600 004. Part-Ill of the Application shows that the Operational Creditor has not proposed the name of the "Interim Resolution Professional" (IRP) and left it to the discretion of this Tribunal to appoint the same. 3. From Part-IV of the Application, it is seen that a sum of Rs. 21,00,000/- is being claimed by the Operational Creditor as Operational Debt and the date of default is stated to be on 14.05.2019. The details of transaction are stated to be supply of Deep Freezers by the Operational Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor has raised a total of 13 Invoices amounting to a sum of Rs. 42,58,773/- against the Corporate Debtor. 9. The Learned Counsel for the Operational Creditor submitted that as per the payment terms originally agreed for the said Deep Freezer, the same was to be paid within 45 days of delivery of the said goods and the said goods have also been delivered promptly by M/S. Sheetal Transports & M/S. Cosmo Carrying Pvt. Ltd. to the Corporate Debtor without any undue delay. However, despite the lapse of the Credit period and the grace period, as no payments were forthcoming from the Corporate Debtor, the Operational Creditor presented the 5 of the 8 cheques to the Bank, however the same was returned with an endorsement 'Payment Stopped by the Drawer". 10. Thereafter, the Corporate Debtor was duly notified of the dishonouring of the said Cheque through the Return Memo issued by the Bank and the Corporate Debtor had requested the Operational Creditor not to present any further cheques for payment and requested for further time to make the payment, due to fund constraints. As against the total outstanding due of Rs. 42,58,773/- the Corporate Debtor has paid a sum of Rs. 5,00,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e dated 03.06.2019 in compliance with the provisions of Section 8 of IBC, 2016 in the prescribed Form seeking for payment of the amount due and payable as on 03.06.2019 i.e. Rs. However, despite the receipt of the said Form - 3 notice, the Corporate Debtor has neither responded nor remitted the claimed amount of to the Operational Creditor and no notice of any dispute or any communication whatsoever has been received by the Operational Creditor till date. 14. The Operational Creditor has also filed the extract of the Bank Statement for the corresponding period and further the Operational Creditor has also produced the Bank statement of the Operational Creditor for the month of June 2019 showing that no payment has been made by the Corporate Debtor since the issuance of Form 3 by the Operational Creditor. Under the circumstances, the Operational Creditor has filed the present Application for initiation of the CIRP as against the Corporate Debtor as the Corporate Debtor is unable to pay its dues to the Operational Creditor. 15. In relation to the Corporate Debtor, it may be seen from the record of proceedings that the Corporate Debtor has entered appearance through its counsel on 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e IBC, 2016. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India appoints Mr. ASIR RAJA SELVAN with Registration Number IBB1/1PA-002/1P-N00498/2017-2018/11554 (email id:- [email protected])as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its ..... X X X X Extracts X X X X X X X X Extracts X X X X
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