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TMI Blog2018 (6) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor for correspondence is situated at Sarala Niwas, Sriram Nagar, Madhupatna, Cuttack-753 010, Odisha. 3. The Corporate Debtor, Rukmani Infra Projects Pvt. Ltd., having Identification No. U281120R2008PTCO10247 is a company incorporated under the Companies Act, 1956 on 13th August, 2008. The registered office of the Company is situated at Plot No.39, Indrahari Nagar, P.O. Turanga, Angul, Odisha- 759123. The authorized share capital of the company is Rs. 8,50,00,000/- and paid up share capital of the company is Rs. 8,09,76,860/-. 4. Briefly stated facts as stated by the Operational Creditor in this petition are as follows: - (a) The Corporate Debtor is a private limited company incorporated on 13.08.2008 and is involved in the business of mechanical contractor specifically deals in erection, construction engineer, mechanics designer boiler makers, iron and steel converter, tube maker, wire drawers and Galvanizer, etc. (b) In usual course of business, Rukmani Infra Projects Private Ltd., the Corporate Debtor placed several orders, from time to time, for purchase of products/goods to the Operational Creditor, Nile Traders, who is a supplier. (c) In consideration of good bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant unpaid operational debt as Annexure 3 at pages 193 to 406 of the application. (iii) Affidavit in support of the application in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as Annexure 4 at pages 407 to 409B of the application. 8. The Operational Creditor has proposed the name of the Interim Resolution Professional as Mr. Saradindu Jena, Duplex-15, Bhimpur Duplex Colony, Bhimpur, Near Forest Park, Bhubaneswar- 751020, Odisha, an Insolvency Professional registered with the ICSI Insolvency Professionals Agency having Registration NO.IBBI/IPA-002/IP-N00520/2017-18/11622 and E-Mail: [email protected] A written communication dated 24th February, 2018 in terms of Rule 9(1) of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and consent in Form 2 have been filed before this Tribunal along with the petition and annexed as Annexure "5" at pages 410 to 412. A declaration has also been made to the effect that no disciplinary proceedings is pending against him. Other disclosures and eligibility under rule 9(2) as required have also been made by him. 9. Applicant/operational creditor further cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of Rs. 55,89,930/- as outstanding towards supplying of materials but has denied and rejected the demand amount of Rs. 55,69,581/- towards interest claim @ 24% p.a. as the liabilities are incurred in course of business. (b) The Corporate Debtor further contends that their financial condition is very worse and passing through heavy financial pressure. There is a huge amount of outstanding receivable from their different customers. After receiving the same, they will pay the liabilities of the Operational Creditor and till then requested to bear with the Corporate Debtor. (c) The Corporate Debtor also contends that very soon they expect a boom in power sector and their business will make enough profit to make good the losses and then only they will be able to make payment of Rs. 55,89,930/- towards the cost of supplying materials. 13. The operational creditor filed rejoinder to the affidavit reply of the Corporate Debtor, denying the averments in the reply affidavit and contends that due to mismanagement, the Corporate Debtor has incurred loss for the last three consecutive years. So day by day, the asset value of the Corporate Debtor is declining and thereby putting the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor has furnished along with the application (a) copies of the invoices demanding payment and the demand notice delivered by the operational creditor to the corporate debtor; (b) an affidavit to the effect that there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt in compliance of section 9(3) (a) and (c) copy of the certificate from the bank maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor in compliance of section 9(3)(b) of the Code. 17. The operational creditor succeeds in proving that the application is complete, that there is no payment of the unpaid operational debt, that the demand notice has been delivered by the operational creditor, that no notice of dispute has been received by the operational creditor and that there is no disciplinary proceeding pending against the resolution professional, this application is liable to be allowed. The applicant in the case in hand succeeds in proving all the ingredients of section 9 (5)(i) of the Code, and further proves failure on the side of the Corporate Debtor in clearing the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Sec.31 or passes an order for liquidation of corporate debtor under Sec.33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. Necessary public announcement as per Sec.15 of the IBC, 2016 may be made by the resolution professional upon receipt of the copy of this order. Mr. Saradindu Jena, an Insolvency Professional registered with the ICSI Insolvency Professionals Agency having Registration No.lBBI/IPA-002/IP-N00520/2017-18/11622 and E.Mail: [email protected] is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan. The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors. Registry is hereby directed under section 9(5)(i) of the LB. Code, 2016 to communicate the order to the Operational Creditor, the Corporate Debtor and to the I.R.P. by Speed Post as well as through e-mail forthwith ..... X X X X Extracts X X X X X X X X Extracts X X X X
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