9911796707
TMI Blog2023 (1) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court regarding the extension of limitation issued in the Suo Motu Writ Petition (C) No. 3 of 2020 [ 2021 (11) TMI 387 - SC ORDER ]. Since there has been no representation on behalf of the Respondent and it has been proceeded ex-parte, it is presumed that it has nothing to say in the matter. In the given facts and circumstances, the Operational Creditor has established the default on the part of Corporate Debtor in payments of the operational debt, the amount of which is higher than the minimum threshold prescribed under the IBC 2016. The present petition filed under Section 9 is complete and fulfills all the requirements of law. Therefore, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the CIR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the NCLT, Bench-IV, New Delhi on 15th May, 2018 in the petition bearing no. CP.(IB)-275/(ND)/2018 titled as Khandelwal Busar Industries vs. Mansfield Cable Company Ltd. Subsequently, the order dated 15.05.2018 was set aside by the Hon ble NCLAT vide its order dated 08.03.2019 passed in the Company Appeal (Insolvency) No. 270 of 2018 and the affairs of the Applicant Company was restored to its original management w.e.f. 08.03.2019. Later, the CIRP against the Applicant Company is again initiated by NCLT, Court IV vide order dated 27.05.2022 passed in the matter of M/s. Arun Enterprises Vs. M/s. Mansfield Cables Company Limited . 4. It is also stated by the Applicant that it is engaged in the business of manufacturing and sale of steel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also averred by the Applicant in its Affidavit filed under Section 9(3)(b) of IBC, 2016. 9. On issuance of the notice, the Respondent neither appeared nor filed its reply and, therefore, it was proceeded ex-parte vide order dated 26.04.2022 of this Adjudicating Authority. 10. We have heard the Ld. Counsel for the Applicant and perused the documents placed on record. It is seen from the record that the date of default relied in the present application is 01.04.2017 and the present application has been filed on 15.12.2020, which is well within the limitation period after considering the directions by the Hon ble Supreme Court regarding the extension of limitation issued in the Suo Motu Writ Petition (C) No. 3 of 2020. 11. During the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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 of Financial Assets and Enforcement of Security Interest Act, 2002; (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. 14. Since there is no IRP proposed by the Operational Creditor, therefore, this Bench appoints Mr. Vikram Bajaj having IBBI Registration No. IBBI/IPA-002/IP-N0003/2016-2017/10003 and Email ID: [email protected] and Mob. No. 9999989408 from the panel of IPs recommended by IBBI to this Adjudicating Authority, subject to the condition that there i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
