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TMI Blog2022 (9) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... D THAT:- This application was filed on 21.08.2019 vide Diary No.4242. Whereas the date of default is 10.11.2017, therefore, this Adjudicating Authority finds that this application has been filed within limitation. 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. 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, the petition is liable to be admitted - petition admitted - moratorium declared. - CP (IB) No.459/Chd/Hry/2019 - - - Dated:- 31-8-2022 - Hon ble Mr. Harnam Singh Thakur, Member (Judicial) And Hon ble Mr. Subrata Kumar Dash, Member (Technical) For the Applicant-Operational Creditor : Mr. Deepankur Sharma, Advo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d is 10.11.2017. 5. A demand notice in Form 3 dated 23.04.2019 is stated to be issued to the Corporate Debtor through 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 behalf of the corporate-debtor. Thereafter as per order dated 16.03.2022 of this Adjudicating Authority, compliance affidavits of service has been filed bearing diary No.662/1 dated 18.02.2022. However, despite service, there was no representation from the respondent-corporate debtor and even no reply is filed. In these circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en that the 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, M/s Vibgyor Retail Private Limited 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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; v.) 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 of the Corporate Debtor; vi.) This Adjudicating Authority further directs the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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