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TMI Blog2022 (7) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... ter referred to as 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s Intec Capital Ltd. (hereinafter referred to as 'Petitioner/Financial Creditor') to initiate the Corporate Insolvency Resolution Process ('CIRP') against M/s Victor Drop Forgings Pvt. Ltd. (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Dhurv Khanna, Authorized Signatory of the Financial Creditor and the affidavit verifying the contents of the application is on page 17-18 of the petition. The Authorisation by the Board in favour of the applicant is attached as Annexure A-3 of the petition. 2. The master data of the corporate debtor is stated to be filed as Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essional in the present matter and for the same reason NOC was issued by him in favour of M/s Intec Capital Ltd.-petitioner. Copy of the NOC is attached as Annexure-A of the application. In view of the aforesaid facts and circumstances of the case this Tribunal allows the replacement of Mr. Ajay Kumar Siwach proposed Interim Resolution Professional with Mr. Gaurav Srivastava (IBBI/IPA-003/N-00285/2020-2021/13253) as the proposed Interim Resolution Professional in the present matter. Further a copy of consent of said proposed Interim Resolution Professional in Form AA along with Certificate of Registration is attached as Annexure-B of the said application. 5. It is stated in Part-IV of Form No.1 that the petitioner has provided a loan amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application." 10. The issue for consideration is whether the present application is filed within limitation. In terms of the order dated 21.11.2019 and to remove the defects pointed out, the learned counsel for the petitioner filed compliance affidavit vide Diary no.6652 dated 27.11.2019 stating that the date of default mentioned in Form No.5 is unintentional and by mistake, and in fact the date of occurrence of default is 02.03.2013 and acknowledgement of the same was made on 07.03.2015 and again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whichever is less: Provided also that where an application for initiating the corporate insolvency resolution process against a corporate debtor has been filed by a financial creditor referred to in the first and second provisos and has not been admitted by the Adjudicating Authority before the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, such application shall be modified to comply with the requirements of the first or second proviso within thirty days of the commencement of the said Act, failing which the application shall be deemed to be withdrawn before its admission.] Explanation.--For the purposes of this sub-section, a default includes a default in respect of a financial debt owed not only to the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21 of IBC, 2016. 14. In the given facts and circumstances, the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Accordingly, the petitioner proved the debt and the default, which is more than the threshold limit. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s received against the Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying the constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene the first meeting of the Committee within seven days of filing the report of Constitution of the Committee. The Interim Resolution Professional is further directed to send regular progress reports to this Tribunal every fortnight. 16. We direct the Financial Creditor to deposit a sum of Rs.2,00,000/- (Rupees Two Lakh Only) with the Interim Resolution Professional, to meet out the expense to perform the functions assigne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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