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TMI Blog2022 (8) TMI 762X X X X Extracts X X X X X X X X Extracts X X X X ..... (3)(c) of the Code, for which the present petition has been filed by the operational creditor. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 28.02.2019 vide Diary No. 1032. Whereas the date of default is 18.07.2018, therefore, this Adjudicating Authority finds that this application has been filed within limitation. There is a total unpaid operational debt (in default) is of Rs. 49,90,671/- (Principal amount of Rs. 45,30,671 plus interest at the rate of 12% p.a. from 14.03.2018 upto 10.01.2019). The operational creditor has supplied goods to the corporate debtor and raised invoices attached as Annexure A-3 to A7. 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 - 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 from the above-mentioned facts that the liability of the corporate debtor i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d affidavit by operational creditor to the effect that there is no reply against demand notice (Pg No. 74-B). 6. In Part-III of Form No. 5, no Interim Resolution Professional has been proposed by the petitioner. Keeping in view of this, we appoint Mr. Vipul Garg, Insolvency Resolution Professional from the list provided by IBBI. 7. Notice of this petition was issued to the corporate debtor vide order dated 29.07.2019 to show cause as to why this petition be not admitted. None appeared on behalf of the corporate-debtor. Thereafter as per order dated 26.04.2022 of this Tribunal, the authorized representative for petitioner-operational creditor informed the date of hearing to the opposite counsel and the compliance affidavit has been placed on record as per the direction. Despite service, there was no representation from the respondent-corporate debtor and even no reply is filed. In these circumstances, this Adjudication Authority was constrained to proceed with the matter and the respondent has been set ex parte. 8. We have heard the learned counsel for the petitioner and have perused the records. 9. The first issue for consideration is whether the demand notice in Form 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petition preferred by the petitioner is complete in all respects. 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, we admit the petition for initiation of the CIR Process in the case of the Corporate Debtor, Aryan Villa LLP Resorts and also direct moratorium in terms of sub-section (1) of Section 14 of the code to take effect and appoint Interim Resolution Professional as below. a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational Assets an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iv.) 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 the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; v.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; vi.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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