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TMI Blog2022 (2) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... D THAT:- The default occurred from 01.05.2019 and the petition is filed on 27.09.2019, hence the debt is not time barred and the petition is filed within the period of 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. The petitioner states that from the abovementioned facts it is clear that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is as per the threshold limit before the Notification S.O.1205(E) dated March 24, 2020 - the present petition is complete and the petitioner is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt. In the backdrop of the above facts and records, the present petition is liable to admitted, in terms of Section 9(5) of IBC, 2016. Petition admitted - moratorium declared. - CP (IB) No. 588/Chd/HP/2019 - - - Dated:- 12-1-2022 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) And HON BLE MR. SUBRATA KUMAR D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nexed as Annexure-8 of the petition. As per the compliance affidavit filed vide Diary No.6617 dated 26.11.2019, the Corporate Debtor has neither raised any dispute through its reply to the aforesaid notice till date of filing this petition nor made any payment towards the outstanding dues. 6. As claimed by the petitioner, the corporate debtor is liable to pay a principal amount of ₹ 4,21,379/- (Rupees Four Lakh Twenty One Thousand Three Hundred and Seventy Nine Only) (plus interest @24% per annum from 01.05.2019 to till date of actual realization). 7. The petitioner has proposed Mr. Mohit Chawla, bearing Registration No. IBBI/IPA-001/IP-P00524/2017-2018/10949 as Interim Resolution Professional. The consent of Mr. Mohit Chawla (proposed Interim Resolution Professional) is furnished in Form 2 and the same is filed vide Diary No.00341/2 dated 03.01.2020. It has been stated in Form 2 that no disciplinary proceedings are pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI Agency. 8. The petitioner filed the present petition under Section 9 of IBC, 2016 and served the copy of this petition. The notice along with the paper book was sen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt. In the backdrop of the above facts and records, the present petition is liable to admitted, in terms of Section 9(5) of IBC, 2016. 17. 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. The petitioner states that from the abovementioned facts it is clear that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is as per the threshold limit before the Notification S.O.1205(E) dated March 24, 2020. 18. In the present petition, all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the 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( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Mr. Mohit Chawla 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 Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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