9911796707
TMI Blog2018 (2) TMI 1726X X X X Extracts X X X X X X X X Extracts X X X X ..... dvocate who is present for the respondent accepts notice on behalf of the respondent and has filed resolution of Board of Directors dated 25.02.2018 authorising him to appear for the company and to execute necessary formalities and documents as required on behalf of the company along with the aforesaid resolution. He has also filed memo of appearance. Learned counsel for respondent submits that the petitioner company neither want to file reply / objections to this petition, nor oppose prayer for admission. 2. The petition under Section 9 of Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'Code') was earlier filed having CP (IB) No.11/Chd/Pb/2018 but that petition was withdrawn due to technical defects in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edgement of the debt by Mr. Vineet Bansal, one of the directors of the corporate debtor in respect of the aforesaid amount out of which an amount of Rs.1.25 crores was remitted to the petitioner and the balance outstanding amount was still Rs.1,62,51,689.05. Apart from that, the petitioner has claimed interest over the outstanding amount. The corporate debtor is stated to have failed to pay the outstanding amount despite serving of a legal notice dated 10.03.2016. 6. The petitioner filed a suit for recovery in the Hon'ble High Court of Delhi in CS(COMM) 410 of 2016. The Hon'ble High Court of Delhi decreed the suit of the petitioner for an amount of Rs.1,62,51,689.05 along with pendent-lite and future interest of 9% per annum simple interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... delivered by hand and there is acknowledgement receipt of the demand notice delivered by hand on 05.02.2018 by the director of the respondent-corporate debtor. Under Rule 5(2) of the Rules, the notice can be sent at the registered office of the corporate debtor by hand or registered post or speed post with acknowledgement due or by electronic mail service to the whole time director or designated partner or key managerial personnel, if any, of the corporate debtor. The postal receipt showing the dispatch of the notice by registered post is at page 170 of the paper book. Learned counsel for petitioner submits that the notice was delivered to the two directors of the corporate debtor as per the tracking report at pages 172 & 174. In any case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 018. This aspect otherwise is not disputed by the respondent-corporate debtor. 11. The petitioner, being an operational creditor, is not bound to propose the name of the Resolution Professional to be appointed as Interim Resolution Professional. The petitioner, however, has filed Form 2, written communication from Ms. Mandeep Gujral, registered Resolution Professional giving all the necessary particulars as required in the form and that she is presently not serving as IRP/RP/Liquidator in any proceedings. It is also stated by her that there are no proceedings pending against her with the Insolvency and Bankruptcy Board of India (IBBI) or ICSI. Having perused the form, we find the same to be in order. 12. Sub-section (5) of Section 9 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... defect in his application within seven days of the date of receipt of such notice from the adjudicating Authority." 13. We find that all the compliances have been made and the application is complete and the petition deserves to be admitted. In view of the above, the instant petition is admitted declaring moratorium for prohibiting all of the following in terms of Section 14(1) of the Code: - (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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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