9911796707
TMI Blog2022 (5) TMI 1307X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Shera Metal Private Limited is seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') of the Corporate Debtor viz., M/s. Unilec Engineers Limited, declare moratorium and appoint Interim Resolution Professional (hereinafter referred as 'IRP'). 2. The Operational Creditor/Petitioner has averred as follows:- a. It is the case of the Operational Creditor that the operational creditor is engaged in business of manufacturing of non-ferrous metal and its alloy products. The operational creditor continuously supplied goods to the corporate debtor and the corporate debtor has been making payments intermittently, hence, maintaining continuous account. b. It is submitted that pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t per annum, hence, the present petition has been filed to initiate the Corporate Insolvency Process of corporate Debtor. 3. The Corporate Debtor has filed its reply and raised the question regarding maintainability on the basis of lack authorization to institute the insolvency proceeding on behalf of operational creditor, demand notice is not delivered to the corporate debtor as per section 8 of IBC, 2016 nor demand notice has been signed by authorized signatory. It is stated that no default has been occurred as per the definition of default u/s. 3(12) of IBC, 2016. It is further submitted that invoices relied upon by the operational creditor do not bear any acknowledgement, receipt or signature evidencing acceptance by the corporate debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 and the amount defaulted by the Corporate Debtor and filing of the petition was much before that, since any notification issued by the Government are generally Prospective in nature unless specifically expressed, hence the notification is not applicable to the present case. Since, all the conditions are satisfied by the operational creditor, hence, this authority is inclined to initiate the CIR Process of Corporate Debtor, therefore, the captioned petition is admitted. 6. The Applicant has also proposed the insolvency resolution professional. Therefore, this Adjudicating Authority, hereby, appoints Insolvency Professional namely, Mr. Tara Chand Sharma having registration no. IBBI/IPA-002/IP-N00218/2017-18/10670 (Email ID-cstarachand@ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrupted during moratorium period. The provisions of sub-section (1) of section 14 of IBC, 2016 shall not apply to such transactions, as notified by the central government. 9. The IRP shall comply with the provisions of sections 13(2), 15, 17 and 18 of the Code. The directors of the Corporate Debtor, its Promoters or any person associated with the management of the corporate debtor shall extend all assistance and cooperation to the IRP as stipulated under section 19 for discharging his functions under section 20 of the IBC, 2016. 10. The operational Creditor is directed to send the copy of this Order to the IRP with immediate effect, so that he could take charge of the corporate debtor's assets etc., and make compliance with this order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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