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TMI Blog2022 (1) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Grow Max India Private Limited (for brevity 'Operational Creditor' / 'Petitioner'), represented by its authorized signatory Mr. Ankit Aggarwal, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of Mallard Inks Private Limited (for brevity 'Corporate Debtor' / 'Respondent'). The Board Resolution dated 22-04.2019 authorising Mr. Ankit Aggarwl to represent the company in the present application is attached as Annexure A-10 of the petition. 2. The Corporate Debtor namely, Mallard Inks Private Limited, is a Company incorporated on 24.06.2016 under the provisions of Companies Act, 2013 with CIN No. U74999HR2016PTC064759 with its registered office at Gali No. 2, Shed No. 5, Parvesh Marg, New Friends Colony, Far ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -001/IP-P00870/2017-18/11468 has been proposed as Interim Resolution Professional (IRP) by the petitioner. Fresh Form No. 2 dated 24.11.2021 submitted by the proposed IRP is filed vide Diary No. 01245/2 dated 30.11.2021 of the petition, in which he has stated that he is currently serving as a IRP/RP/Liquidator in other proceedings also. It is also stated that there are no disciplinary proceedings pending against the professional with the Board or with Indian Institute of Insolvency Professionals of ICAI. 6. Petitioner filed an affidavit of service with clippings of newspaper wherein substituted service by way of publication has been done on 03.03.2020 in two newspapers, but there was no representation on behalf of respondent-corporate debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n vide Diary No. 01245/01 dated 08.03.2021. It is observed that neither any reply from the corporate debtor has been filed in lieu of the above stated demand notice nor any payment has been made. Therefore, the period of limitation would begin from the date of default mentioned in Part IV, Form V i.e. 08.02.2018. This application was filed on 21.05.2019 vide Diary No. 2573. Therefore, this Adjudicating Authority finds that this application was filed within limitation. 11. We have gone through the contents of the application filed in the Form 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs.2,01,807/-. The operational creditor has supplied goods to the corporate debtor and r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal debt even after demand made by the petitioner. In view of the satisfaction of the 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, Mallard Inks Private Limited and also direct moratorium to take effect and appoint Interim Resolution Professional as below. 15. 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mail: [email protected], as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr. Anurag Nirbhaya shall be in accordance with the provisions of Section 16(5) of the Code; ii.) 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 exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor; 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 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 vii.) The Interim Resolution Professional is directed to send regular progress report to this Tribunal every fortnight. 19. The petitioner is directed to deposit an amount of Rs.20,000/- (Rupees Twenty Thousand) with the Interim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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