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TMI Blog2022 (1) TMI 1131X X X X Extracts X X X X X X X X Extracts X X X X ..... ication. The corporate debtor had duly acknowledged its outstanding balance in the letter dated 06.12.2016 wherein the corporate debtor has put its company's stamp and signature. Therefore, the present case is fit for admission. Time Limitation - HELD THAT:- As per Form V, Part IV, the Corporate Debtor is liable to pay an outstanding sum of ₹ 32,16,152.50/-. The date of default is 06.12.2016 and the present application was filed on 06.12.2019. Hence the debt is not time barred and the application is filed within the period of limitation. Jurisdiction - HELD THAT:- The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. The prese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The operational creditor submits that the corporate debtor in part of discharge had issued two cheques of ₹ 6,97,695/- and ₹ 10,57,098/- which got dishonored upon presentation vide bank memo dated 14.01.2015 and 10.01.2015 respectively for the reason 'funds insufficient'. Therefore, the operational creditor issued legal notice dated 08.02.2015 calling upon the corporate debtor to make the payment within 15 days from the date of receipt of notice, but the corporate debtor failed to make payment. Despite issuance of reminders, the corporate debtor failed to make the payments. The operational creditor further initiated proceedings under section 138 read with section 142 of the Negotiable Instruments Act, which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due to this the corporate debtor had faced many problems and losses. The corporate debtor further asserts that he is ready to pay the pending amount of ₹ 15,86,107,00/- and he is ready to deposit in the account of operational creditor ₹ 2,00,000/- on 20.02.2020 through demand draft and balance of ₹ 13,86,107.00/- on equally installments of ₹ 1,15,509/- per month. The corporate debtor further asserts that he had no knowledge regarding the matter under section 138 read with section 142 of the Negotiable Instrument Act nor any notice was served to the corporate debtor. 6. Heard both the parties and perused the documents on record, it is concluded that the corporate debtor in it reply has failed to produce any documen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PA-001/IP-P01117/2019-2020/12508, email: ([email protected]) who is and hereby appointed as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against such an IRP named who may act as an IRP in relation to the CIRP of the Corporate debtor and specific consent should be filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and make disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order. 11. We direct the Operational Creditors to deposit a sum of ₹ 2 lacs with the Interim Resolution Professional, namely Mr. Atul J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is occupied by or in the possession of the respondent. However, during the pendency of the moratorium period, the provisions of Section 14(2) to 14(4) of the Code shall come in force. 13. A copy of this order shall be communicated to the operational creditor, Corporate Debtor and IRP above named, by the Registry. In addition, a copy of the order shall also be forwarded to IBBI for its records. Operational creditor is also directed to provide a copy of the complete paper book to the IRP. A copy of this order be also sent to the ROC for updating the Master Data. ROC shall send compliance report to the Registrar, NCLT. 14. The order is pronounced by this Adjudicating Authority in virtual Hearing. - - TaxTMI - TMITax - Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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