9911796707
TMI Blog2022 (9) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... '), by M/s Artsana India Private Limited (for brevity 'Operational Creditor'/ 'Applicant'), represented by its Authorised Representative, Mr. Amit Parischa, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of M/s Vibgyor Retail Private Limited (for brevity 'Corporate Debtor'/ 'Respondent'). 2. The Corporate Debtor namely, M/s Vibgyor Retail Private Limited, is a Company incorporated on 14.11.2012 under the provisions of Companies Act, 1956 with CIN No.U52100HR2012PTC047664 with its registered office at Plot No. 853, Phase-V, Udyog Vihar Gurgaon, Haryana-122016. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of the corporate debtor is attached with the main peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... speed post and also served through their registered e-mail ID of the corporate debtor as per master data i.e. [email protected] and the same has been duly served. The copy of the registered postal receipts, proof of email and copy of notice are appended with this application as Annexure A-7. However, no reply to the demand notice has been stated to be filed. 6. In Part-III of Form No. 5, Mr. Alok Kumar Agarwal, Interim Resolution Professional has been proposed by the petitioner. Keeping in view of this, we appoint Mr. Alok Kumar Agarwal, Insolvency Resolution Professional. 7. Notice of this petition was issued to the corporate debtor vide order dated 10.10.2019 to show cause as to why this petition be not admitted. None appeared on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 42. Whereas the date of default is 10.11.2017, therefore, this Adjudicating Authority finds that this application has been filed within limitation. 12. We have gone through the contents of the application filed in the Form 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs. 45,61,327/- The operational creditor has provided baby products to the corporate debtor and raised invoices attached as Annexure A-2. 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. 13. It is noted that the corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 and Enforcement of Security Interest Act, 2002; and d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 15. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate 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 first meeting of the Committee within seven days of filing the report of constitution of the Committee; and viii.) The Interim Resolution Professional is directed to send regular progress report to this Tribunal every fortnight. 18. The petitioner is directed to deposit an amount of Rs. 60,000/- (Rupees Sixty Thousand Only) with the Interim Resolution Professional to meet the immediate expenses of the CIRP within two weeks. The same shall be fully accountable by Interim Resolution Professional and shall be reimbu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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