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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 ..... es that there is no dispute in relation to the debt claimed as per Part IV of Form 5. Whether this application is filed within limitation? - HELD THAT:- 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. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. It is evident that from the facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is above threshold limit. It is seen that the petition preferred by petitioner is complete in all respect. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational 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, the petition for initiation of the CIR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the petition. As per Part IV of Form 5, the total debt amount payable is ₹2,01,807/-. Copy of the ledger account has been attached as Annexure A-6 of the petition. 4. A demand notice in Form 3 dated 15.02.2019 is stated to be issued to the operational creditor by registered post on 16.02.2019 but the same has been returned back and attached as Annexure A-9 (Colly) page 13. 5. In Part-III of Form No. 5, Mr. Anurag Nirbhaya, Registration No. IBBI/IPA-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 respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been attached at Annexure A-6 and the interest calculation is shown at Annexure A-7. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one lakh (prior to the amendment in threshold limit of one crore vide notification No. S.O.1205(E) dated 24.03.2020) by the respondent-corporate debtor. 12. We have gone through the contents of the petition filed in Form No.5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of ₹2,01,807/-. Based on documents on record, as we have held above that the demand notice in Form No.3 was properly delivered by the petitioner and no pre-existing dispute is proved. 13. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. It is evident that from the abovementioned facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is above threshold limit. 14. In the present petition all the aforesaid requirements have been satisfied. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egistration No. IBBI/IPA-001/IP-P00870/2017-18/11468, E-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 Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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