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TMI Blog2022 (9) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... limited company incorporated on 16.01.1997 under the provision of the erstwhile Companies Act, 1956 having CIN: U31101DL1997PTC348169 and registered office situated at H. No. -C-50 Basement Shivalik, South Delhi, New Delhi -110017. The Corporate Applicant had started its operations with a vision to set up a big base into providing technical, engineering and advisory services to public and private sector clients in all aspects of sustainable energy. 3. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows:- a) The Corporate Applicant submits that the Corporate Applicant majorly deals in 1) CDM, 2) Energy Efficiency and 3) Renewable Energy and the given services are in great demand considering the thrust by the government on promoting the renewable energy sector. b) The Corporate Applicant received the assistance from M/s. IT Power Limited by way of providing advisory services till 31.03.2014 for which tax invoices were also raised. The Corporate Applicant further submits that Corporate Applicant failed to make payment to the outstanding tax invoices and consequently an amount of Rs. 2,57,96,556/- is outstandin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he National Company Law Tribunal, pursuance to the resolution passed by the Board of Directors at their meeting held on 13th September, 2021". h) The Corporate Applicant submits that the instant petition is filed in Form -6 under Rule-7 of the IBC- Application to Adjudicating Rules, 2016 seeking initiation of Corporate Insolvency Resolution Process in respect of the Corporate Applicant under Section 10 of the Code, 2016 for the reason that the Corporate Applicant was unable to meet its day to day financial requirements and unable to pay its Financial Creditors and Operational Creditors for the reason that the condition of marketing is not favourable and also competing marking scenario leads to become debt strapped company. i) The Corporate Applicant submits that it has defaulted in repayment of total debt of Rs. 10,42,15,081/- which includes outstanding financial debt of Rs. 6,23,34,969/- and outstanding operational debt of Rs. 4,18,80,112/- j) The Corporate Applicant submits the below mentioned documents to prove the existence of default of the financial debt:- i. Ledger of financial creditor from 01.04.2011 to 20.09.2021 showing outstanding dues and evidencing the default ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the 'Corporate Debtor' is undergoing a corporate insolvency resolution process; or that the 'Corporate Debtor' has completed corporate insolvency resolution process twelve months preceding the date of making of the application; or that the corporate debtor has violated any of the terms of resolution plan which was approved twelve months before the date of making of an application under the said Chapter; or that the corporate debtor is one in respect of whom a liquidation order has already been made can be a ground to reject the application under Section 10 on the ground of suppression of fact/not come with clean hand. notice issued, no objector had come forward, accordingly, the matter is proceeded ex-parte. 5. We have heard Ld. Counsel for the Corporate Applicant and perused the averments made in the application, affidavits filed by the Corporate Applicant. The relevant documents annexed with the respective submissions have been examined. 6. At this juncture, we have to consider what are the requirements for admitting an application under section 10 of the Code, 2016. For this purpose, it is useful to refer the judgment of the Hon'ble NCLAT in Unigreen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Private Limited. 8. The Corporate applicant in Part-II of Form 6 has proposed the name of Mr. Yogesh Kumar Gupta, for appointment as Interim Resolution Professional having registration number IBBI/IPA-003/IP-N00078/2017-18/10701. We observe that the Insolvency and Bankruptcy Board of India (Disciplinary Committee) in exercise of the powers conferred under section 220 (2) of the Code read Regulation 11 of the IBBI (Insolvency Professionals) Regulations, 2016 and Regulation 13 of the IBBI (Inspection and Investigation) Regulations, 2017 suspended the registration of Mr. Yogesh Kumar Gupta having Registration No. IBBI/IPA-003/IPN00078/2017-18/10701 for a period of three years w.e.f. 31st July, 2022. 9. Accordingly, this bench appoints Mr. Vijay Kumar Sharma having IBBI Registration IBBI/IPA-001/IP-P02595/2021-2022/13960 and e-mail id [email protected] as the Interim Resolution Professional of the corporate debtor. Mr. Vijay Kumar Sharma is appointed as Interim Resolution Professional of the Corporate Debtor subject to the condition that no disciplinary proceedings are pending against him. The authorization for assignment and specific consent is required to be filed in Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period. 19. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14 (3) (b) of the Code. 20. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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