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TMI Blog2019 (7) TMI 1637X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued on March 8, 2018 was properly served. We have also discussed above that Mr. Rahul Gupta, authorized representative of the financial creditor has filed an affidavit dated May 1, 2018 stating that no reply was given by the corporate debtor to the demand notice and that there is no dispute of unpaid operational debt pending between the parties against the claim - It is found that despite service of notice for hearing on December 13, 2018 there was no representation from the corporate debtor. Therefore, any dispute with regard to the operational debt is not proved. Thus, the demand notice in Form No. 4 dated March 8, 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. No interim resolution professional has been proposed - In view of the satisfaction of the conditions provided for in section 9(5)(i) of the Code, the petition is admitted for initiation of the CIRP process in the case of the corporate debtor M/s. Siwana Solar Power Pvt. Ltd. and direct moratorium and appointment of the interim resolution professional. Petition admitted - moratorium declared. - C. P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The petition is signed by Mr. Rahul Gupta, authorized representative of the operational creditor and a copy of the resolution passed in board meeting of operational creditor held on March 5, 2018 authorizing Mr. Rahul Gupta, authorized representative is at annexure II. Mr. Rahul Gupta has filed an affidavit dated May 1, 2018 verifying the contents of Form No. 5. He has also filed an affidavit dated May 1, 2018 (page Nos. 32-35) stating that no reply was given by the corporate debtor to the demand notice and that no dispute of unpaid operational debt has been raised by the corporate debtor against the claim. 5. During the course of hearing on July 9, 2018 the operational creditor was directed to place on record the completion certificate and to submit clarification regarding amount of sundry creditors shown by the respondent in balance-sheet and also to reconcile the amount of the invoices enclosed with the petition with the amount of the invoices shown in the demand notice. 6. In compliance of the said order dated July 9, 2018 the authorized representative of the petitioner filed compliance affidavit dated July 25, 2018 (Diary No. 2750, dated July 30, 2018) placing on re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd notice in Form No. 4 dated March 8, 2018 was properly served. Vide Diary No. 1870 dated April 11, 2019 it is submitted that the demand notice dated March 8, 2019 was also served to the key managerial person of the corporate debtor vide e-mail dated March 9, 2018 with whom the operational creditor had repeated correspondence in relation to the related transaction. The copy of the e-mail has been filed as annexure A1 thereof. During the course of the hearing on July 19, 2019, it was stated by learned counsel for the operational creditor that the e-mail at page 7 of Diary No. 1870, dated April 11, 2019 did not bounce. Therefore, the service of the demand notice by the operational creditor is held to be a proper service. 13. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. We have noted above that the demand notice in Form No. 4 issued on March 8, 2018 was properly served. We have also discussed above that Mr. Rahul Gupta, authorized representative of the financial creditor has filed an affidavit dated May 1, 2018 stating that no reply was given by the corporate debtor to the demand notice and that there is no dispute of unpai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code, we admit the petition for initiation of the CIRP process in the case of the corporate debtor M/s. Siwana Solar Power Pvt. Ltd. and direct moratorium and appointment of the interim resolution professional as below. 17. We declare the moratorium in terms of sub-section (1) of section 14 of the code as under : (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor 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 corporate debtor any of its assets or any legal right or beneficial interest therein ; (c) 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) ; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. It is further directed that the supply of essential goods or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he credentials of Mr. Mukesh Kumar and there is nothing adverse against him. 23. In view of the above, the following directions are issued in respect of the appointment of the interim resolution professional : (i) Appoint Mr. Mukesh Kumar, registered insolvency professional bearing Registration No. IBBI/IPA-001/IP-P-01498/2018-2019/12268 Mobile No. 9215536951 e-mail ID : [email protected] as interim resolution professional ; (ii) The term of appointment of Mr. Mukesh Kumar shall be in accordance with the provisions of section 16(5) of the Code ; (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 exer cise 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 t ..... 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