TMI Blog2018 (3) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... paddy to the Operational Debtor on various occasions. Therefore, the debt which is due and payable by the Operational Debtor to the Operational Creditor is prima facie covered by Section 5(21). It is also evident that Operational Debtor has committed default and the amount of ₹ 32,55,653/- has remained unpaid. Thus, there is default committed on the part of the Operational Debtor within the meaning of Section 3(12) read with Section 4 and Section 9(1) of the Code, 2016. As a sequel to the above discussion, this petition is admitted. In pursuance of Section 13(2) of Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. - (IB)-178 (PB)/2017 - - - Dated:- 8-2-2018 - MR. M.M. KUMAR AND MS. DEEPA KRISHAN, JJ. For The Operational Creditor : Ms. Radhika Gupta and Siddhant Kaushik, Advs. JUDGMENT M.M., President This is an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d paisa seventy five only). The petitioner raised invoices as and when paddy was supplied. The Petitioner also maintains Books of Account in respect of the transactions undertaken with the Respondent Company. The Petitioner continued to supply paddy, in good faith, whenever the demand was made by the Respondent Company. But the Respondent Company did not pay the amount regularly, which led to accumulation of huge unpaid amounts. 6. It is also asserted by the petitioner that the Respondent Company had an outstanding amount of ₹ 50,36,880/- towards the Petitioner in the year 2014-15. During the said year, the Respondent Company paid an amount of ₹ 14,75,556/- and thereafter on different occasions it continued paying, the last being on 27.10.2015, totalling to ₹ 12,68,650/-. As on 31.03.2016, the Respondent Company owed to the petitioner an outstanding amount of ₹ 22,92,674/-. Copies of the invoices have been placed on record (from page No. 168 to 197). 7. The petitioner firm have also attached the Stock transfer challan (from page 198 to 215) of Respondent company whereby it transpires that paddy has been transferred from Julana to Karnal in which name o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner an order for substituted service was passed on 19.09.2017 to serve the respondent as per the procedure laid down under Rule 38(4) of the NCLT Rules, 2016 r/w Order V Rule 20 CPC. Thereafter in compliance of aforesaid order publication in two newspapers was carried but all in vain. As a natural consequence vide order dated 08.11.2017 respondent were proceeded ex partee. 12. Thereafter on 22.11.2017 on the query of this Tribunal as to how the petitioner firm comes under the definition of Operational Creditor as provided under Section 5(21) of the Code, the petitioner firm filed an affidavit enclosing certain documents namely form-H register by which auction of agriculture produce (paddy) purchased by the petitioner firm from the sellers, is recorded in the said register (form H). Likewise, copy of Form J whereby petitioner firm had taken delivery of the agricultural produce (paddy) and has also paid to the seller the amounts due, has been placed on record. 13. We have heard learned counsel for the petitioner and have perused the pleadings along with various affidavits with her able assistance. According to the learned counsel service is complete and there is resistance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commended Insolvency Professionals provides instant solution to NCLT-Adjudicating Authority to pick up the name and make appointment. It helps in meeting the time line given in the Code and the unnecessary time wasted firstly in asking the Insolvency and Bankruptcy Board of India to recommend the name and then to appoint such Interim Resolution Professional by NCLT-Adjudicating Authority. Accordingly, we appoint Mr. Rakesh Kumar Jain, email id sirshree.rakesh@gmail.com (Mobile No. 9810060524) as an Interim Resolution Professional. His registration number is IBBI/IPA-002/IP-N00053/2016-17/10105. The aforesaid Interim Resolution Professional has no disciplinary proceeding pending against him nor anything else has been pointed out with regard to his antecedents by IBBI. 17. As a sequel to the above discussion, this petition is admitted. 18. In pursuance of Section 13(2) of Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of imposition of the moratorium resulting f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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