9911796707
TMI Blog2022 (11) TMI 457X X X X Extracts X X X X X X X X Extracts X X X X ..... (for brevity 'IBC' / 'Code'), by Fortune Metals Limited (for brevity 'Operational Creditor' / 'Petitioner'), represented by its Director, Mr. Bhagwan Das Bansal with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of Tung Builders Private Limited (for brevity 'Corporate Debtor'/ 'Respondent'). 2. The Corporate Debtor namely, Tung Builders Private Limited, is a Company incorporated on 08.12.2014 under the provisions of Companies Act, 2013 with CIN No.U45209PB2014PTC039094 with its registered office at Kahnuwan Chowk, Near Sita Ram Petrol Pump, Batala Road, Gurdaspur Punjab-143521. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of the corporate debtor is attached wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is petition be not admitted. Affidavit of service had been filed vide Diary No.00968/01 dated 03.12.2021. None appeared on behalf of the respondents nor any reply was filed. Respondents were proceeded ex-parte vide order dated 21.12.2021 of this bench. Written submissions were filed by petitioner-operational creditor vide Diary No. 00968/2 dated 26.07.2022. 7. We have heard the learned counsel for the petitioner and have perused the records. 8. The first issue for consideration is whether the demand notice in Form 3 dated 23.11.2020 was properly served. The petitioner has placed a tracking report, whereunder it was stated that the speed post was delivered to the corporate debtor and no reply to that has been duly received. 9. The next is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid 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 the present petition, all the aforesaid requirements have been satisfied. It is seen 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtor. 15. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 16. In Part-III of Form No. 5, Mr. Vikas Rai Berry, Registration No. IBBI/IPA-002/IP-N00558/2017-2018/11694 was proposed as Interim Resolution Professional (IRP) by the petitioner. Form No. 2 dated 18.06.2021 was submitted by the proposed IRP along with a certificate of registration (Annexure-4 of the petition). The Law Research Associate of this Tribunal has checked the credentials of Mr. Vikas Rai Berry and it is found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor; 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 D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mediately after a month of the initiation of the CIRP and move an application seeking appropriate remedy, if required. vii.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying 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 a regular progress report to this Tribunal every f ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
