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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 ..... dd that as noted in order dated October 26, 2018 the amended memo of parties was filed showing registered address of the corporate debtor. 2. It is stated that the operational creditor was approached by the corporate debtor and awarded work order for supply, commissioning and service of Solar Power Project for its commercial exploitation. It is further stated that the operational creditor and corporate debtor entered into an engineering procurement and construction (EPC) agreement dated May 1, 2014 for the execution of the project. The corporate debtor had issued 2 invoices dated January 31, 2015 amounting to Rs. 28,45,00,000 and incurred security charges of Rs. 73,682 aggregating to Rs. 28,45,73,682. It is stated that the operational creditor received an amount of Rs. 25,63,24,719 from the corporate debtor in regard to the invoices issued. As per annexure IX of the petition, the last payment of Rs. 2,00,000 was received on July 25, 2016. In Part IV of Form No. 5 the total amount of debt is stated to be Rs. 2,82,48,963 along with interest at 18 per cent. per annum. 3. A demand notice in Form No. 4 is stated to be issued on March 8, 2018 (annexure VIII of the petition). The demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per master data item was delivered by speed post at the registered address of the corporate debtor on December 7, 2018 (page 5 of Diary No. 55 dated January 7, 2019). The copy of the notice is also stated to be sent by e-mail on December 4, 2018 on the e-mail address as reflected in the master data of the corporate debtor (page 6 of Diary No. 55 dated January 7, 2019). 9. It was stated in the order dated January 8, 2019 that the corporate debtor is declared duly served but neither there is any representation from the corporate debtor on January 8, 2019 nor was there any representation on the previous date, i. e., December 13, 2018. The matter was listed on February 4, 2019 for arguments and adjourned to February 25, 2019. Hearing was conducted on February 25, 2019 and July 19, 2019 but there was no representation from the corporate debtor. 10. The matter was therefore, heard in the absence of the corporate debtor on July 19, 2019. During the course of the hearing, learned counsel of the operational creditor has argued that there was no reply to the demand notice dated March 8, 2018 nor there was any dispute raised as to the corporate debt by the respondent-corporate debtor. 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing against any resolution professional proposed under sub-section (4), if any." 15. We have gone through the contents of the application filed in Form No. 5 and find the same to be complete. As discussed above, there is an unpaid operational debt amounting to Rs. 2,82,48,963 (along with interest at 18 per cent. per annum). The extract of the financial statements of the operational creditor for the periods 2014-15, 2015-16 to 2016-17 has been filed showing recoverable amount of Rs. 2,83,22,644.73 as on March 31, 2017. Certificate of the chartered accountant confirming the debt outstanding against the corporate debtor as per the audited balance-sheet for financial year 2016-17 has also been filed. Moreover, the demand notice in Form No. 4 was also sent on March 13, 2018 stating that the amount due from the corporate debtor to the operational creditor is Rs. 2,82,45,73,682 along with interest at 18 per cent. per annum and despite service of the notice, no reply was received. We have held above that 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional. Section 16(3)(a) of the Code says that where the application for corporate insolvency resolution process is made by an operational creditor and- "(a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional ;" Sub-section (4) of section 16 says that the Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-sec tion (3), recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. 21. In this regard a letter bearing File No. 25/02/2019-NCLT dated June 28, 2019 has been received from the National Company Law Tribunal, New Delhi forwarding therewith a copy of letter No. IBBI/IP/EMP/2018/02 dated June 24, 2019 along with the guidelines and the panel of resolution professionals approved for the National Company Law Tribunal, Chandigarh Bench for appointment as IRP or liquidator. The panel is valid for six months from July 1, 2019 to December 31, 2019. We select Mr. Mukesh Kumar appearing at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereby directed that the "corporate debtor", its directors, personnel and the persons associated with the management shall extend all co-operation to the interim resolution professional in managing the affairs of the "corporate debtor" as a going concern and extend all co-operation in accessing books and records as well as assets of the "corporate debtor" ; (vii) The interim resolution professional shall after collation of all the claims received against the corporate debtor and the determination of the financial position of the corporate debtor constitute a committee of creditors and shall file a report, certifying constitution of the committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the committee within seven days of filing the report of constitution of the committee ; and (viii) The interim resolution professional is directed to send regular progress report to this Tribunal every fortnight. A copy of this order be communicated to both the parties. Learned counsel for the petitioner shall deliver copy of this order to the interim resolution professional forthwith. The Registry is also direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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