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TMI Blog2022 (9) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... ter referred to as the 'CIRP') against M/s UNICO Leather Product Pvt. Ltd. (for short hereinafter referred to as the 'corporate debtor/respondent'). The present petition has been filed in Form 5 as prescribed in Rule 6 (1) of the Rules. The petition is supported by affidavit of Ms. K.Nagavalli and the same is at page 19 of the petition. 2. The corporate debtor, namely, M/s UNICO Leather Product Private Limited is a company incorporated on 29.08.1986 under the Companies Act, 1956, having CIN U18209JK1986PTC002898 and its registered office is at Phase 1, Lane 4, Sidco Industrial Area, Bari Brahmana Jammu, JK- 181133. Therefore, the matter falls within the territorial jurisdiction of this Adjudicating Authority. Copy of master data of the corporate debtor has been annexed as Annexure 1 of the main petition. 2. The brief facts, as stated in the petition, are that the corporate debtor had engaged the operational creditor as an employee in the company, in the year 1990 and the operational creditor continued working with the corporate debtor till the month of June 2018. It has been stated that the operational creditor received only 50% of the salary in the month of November and December ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor on 03.12.2019. However, no reply to the demand notice has been stated to be filed. Copy of demand notice has been annexed as Annexure V and copies of postal and tracking receipts have been annexed as Annexure VI. 6. Notice of this petition was issued to the corporate debtor vide order dated 03.12.2021 to show cause as to why this petition be not admitted. Respondent/corporate debtor filed its reply vide Diary No.00062/4 dated 15.07.2022, through its Authorized Signatory Mr. S.Sekar, who has been authorized by the respondent/corporate debtor, through the Board Resolution dated 02.05.2022, which has been annexed with the reply. In the reply submitted by the corporate debtor, it has been categorically stated by the respondent/corporate debtor that the transactions with the petitioner/operational creditor are not denied, however, because of the COVID-19 pandemic and its consequent effect, the respondent/corporate debtor incurred huge losses and was not able to turn around. Further, it has been stated that on account of ever mounting losses and liabilities, it is no more possible for the respondent/corporate debtor to pay any money to the petitioner/operational creditor and thus, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same has been admitted by the respondent/corporate debtor. Accordingly, the petitioner/operational creditor 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. 12. 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. It is evident from the above-mentioned facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default which is above threshold limit. 13. In Part-III of Form No. 5, no Interim Resolution Professional has been proposed by the petitioner. Accordingly, we appoint Mr. Krishan Vrind Jain as the Interim Resolution Professional in the matter of M/s UNICO Leather Product Private Limited, whose name appears at Serial No.52 of the list provided by the Insolvency and Bankruptcy Board of India, which is valid till 31.12.2022. 14. In the present petition, all the aforesaid requirements have been satisfied. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09490 as the Interim Resolution Professional with the following directions: - i.) The term of appointment of Mr. Krishan Vrind Jain 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 accordanc ..... 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