9911796707
TMI Blog2020 (1) TMI 1380X X X X Extracts X X X X X X X X Extracts X X X X ..... hority) Rules, 2016. There is overwhelming evidence to prove default and name of the resolution professional has also been clearly specified. The form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with section 7 of the Code. We are satisfied that a default amounting to lakhs of rupees has occurred within the meaning of section 4 of the Code and the application under sub-section (2) of section 7 is complete ; and no disciplinary proceedings are pending against the proposed interim resolution professional. Thus, the application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de. 3. The applicant has proposed the name of Mr. Ajay Kumar Kathuria, for appointment as interim resolution professional having registration number IBBI/IPA-002/IP-N00655/2018-19/12037 resident of A-139, 2nd Floor, Shanker Garden, Vikaspuri, New Delhi. Mr. Ajay Kumar Kathuria has agreed to accept appointment as the interim resolution professional and has signed a communication dated April 9, 2019 in form 2 in terms of rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. 4. The case of the financial creditor is as under : (i) That the financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due and in default. 6. The respondent did not reply to either the legal notice or the application. 7. Despite opportunity non-appeared on behalf of the respondent. Proof of service is also annexed with the main petition. 8. Heard the applicant and perused the record. 9. It is patent that all requirements of section 7 of the Code for initiation of corporate insolvency resolution process by a financial creditor stand fulfilled. In that regard, the application is complete as per the requirements of section 7(2) of the Code and other conditions prescribed by rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is overwhelming evidence to prove default and name of the resolution profe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , resident of A-139, 2nd Floor, Shanker Garden, Vikaspuri, New Delhi is appointed as an interim resolution professional. He has registration No. IBBI/IPA-002/IP-N00655/2018-19/12037. 13. In pursuance of section 13(2) of the Code, we direct that interim insolvency resolution professional to make public announcement immediately with regard to admission of this application under section 7 of the Code. The expression immediately means within three days as clarified by Explanation to regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 14. We also declare moratorium in terms of section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of section 14(1)(a), ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Process for Corporate Persons) Regulations, 2016. 16. We direct the financial creditor to deposit a sum of ₹ 2 lakhs with the interim resolution professional to meet out the expenses to perform the functions assigned to him in accordance with regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the financial creditor. The amount however be subject to adjustment by the committee of creditors. The amount must be accounted for by interim resolution professional and shall be paid back to the financial creditor. 17. The interim resolution professional shall perfo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
