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TMI Blog2021 (6) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... dispute is proved. It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The petitioner-operational creditor states that from the above mentioned facts it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 lakh by the respondent-corporate debtor. Application admitted - moratorium declared. - IA No. 71/2021 and CP (IB) No. 138/Chd/Hry/2019 - - - Dated:- 26-3-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Anand Chhibbar, Senior Advocate and Vaibhav Sahni, Advocate For the Respondents : Rakesh Kumar and Deepankur Sharma, Advocates JUDGMENT Ajay Kumar Vatsavayi, Member (J) IA No. 71/2021 1. The instant application is filed by E2E Telelink India Pvt. Ltd. under Section 60(5) of Insolvency Bankruptcy Code, 2016 seeking substitution of the proposed Interim Resolution Professional in CP (IB) No. 138/Chd/Hry/2019. It is st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rized share capital of ₹ 15,00,00,000/- and paid up share capital of ₹ 8,76,40,720/-. The CIN of the respondent-corporate debtor is U40106HR2009PTC039660 and its registered office is situated in Gurgaon which lies in the State of Haryana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at Annexure A-12 (Page No. 147) of the petition. 6. The facts of the case, briefly, as stated in the petition, are that the petitioner-operational creditor is engaged in the business of building activities that includes completion of construction and repairs. In continuation of its business activities, operational creditor provided services to the Corporate Debtor and also raised various invoices against the same which are appended as Annexure A-4 of the petition. The petitioner has also maintained a ledger account of Corporate Debtor which is found as Annexure A-3 of the petition. It is stated that Operational Creditor had sent various reminder letters dated 15.01.2019 and 31.01.2019 for clearing the outstanding dues against invoices raised by petitioner. Copies of letters dated 15.01.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /IP-N00226/2017-18/10677 as Interim Resolution Professional. Petitioner-Operational Creditor has also moved an application vide Diary No. 00239 dated 10.02.2021 seeking substitution of the earlier proposed Interim Resolution Professional with Mr. Vekas Kumar Garg bearing Registration No. IBBI/IPA-002/IP-N00738/2018-19/1229 dated 05.02.2021. The consent of Mr. Vekas Kumar Garg (proposed Interim Resolution Professional) is furnished in Form 2 and the same is placed at Annexure-1 of aforesaid application. It has been stated in Form 2 that no disciplinary proceedings are pending against him with the Board or ICSI Institute of Insolvency Professionals. 12. Notice of this petition was received by the Corporate Debtor on 12.04.2019 and Corporate Debtor has filed a reply vide Diary No. 2785 dated 31.05.2019. It has been stated in the reply that the said amount is payable by Corporate Debtor but due to bad financial conditions, respondent is unable to pay the same. 13. We have heard the learned counsel for the operational creditor as well as corporate debtor and have also perused the records. 14. The first issue for consideration is whether the demand notice in Form No. 3/4 dated 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIR Process in the case of the Corporate Debtor, M/s. Cambridge Energy Resource Pvt. Ltd. and also direct moratorium to take effect and appoint Interim Resolution Professional as below. 19. 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 Operational Assets and Enforcement of Security Interest Act, 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. 20. It is further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1)(b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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