TMI Blog2019 (3) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... graphs and considering the circumstances of the case. We are satisfied that the default in question has occurred, there is no existence of dispute, and the petition filed under Section 9 of Code, 2016 is complete and there are no disciplinary proceedings pending against the proposed resolution professional, Mr. Addanki Haresh pursuant to the written confirmation provided by the proposed resolution professional in Form-2 under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The present petition deserves to be admitted and to initiate CIRP - application admitted. - C.P (IB) No.227 /BB/2018 - - - Dated:- 11-3-2019 - Shri Rajeswara Rao Vittanala, Member (J) And Dr. Ashok Kumar Mishra, Member (T) For The Petitioner : Shri G. K.Jain, PCA For The Respondent : Shri N.Gowtham Rahunath along with Ms. Thomas, Learned Counsels ORDER Dr. Ashok Kumar Mishra, Member (Technical) 1. 227/BB/2018 is filed by M/S. 0m Industries Corporation, (Petitioner/Operational Creditor), UIs 9 of the Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of the Insolvency and Bankru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on between the parties relating to the debt claimed. Further, the reply dated 8th October, 2018 stated that they are organising funds for repayment of dues and asked for 60 days time. f. That after expiry of 10 days of statutory notice from the date of receipt of Demand Notice, the Operational Creditor filed a Petition under Section 9 of the Code, after serving a copy of the petition on the Corporate Debtor, and the first hearing took place on 03. 12. 2018. On the said date, the Corporate Debtor was not represented by any one and accordingly, a notice was served by the Hon'ble Adjudicating Authority through the representative of the Operational Creditor. The service of the said Notice was made to the Respondent and its Managing Director through Speed Post on 10. 12. 2018, which were delivered to the recipients on 11. 12. 2018. The proof of service and its delivery were submitted to the Registry on 14th December, 2018. g. That only a proxy advocate appeared from the Corporate Debtor before the Hon ble Bench on 18th December, 2018 and who did not say even a single word about the case. The case was ordered to be posted to 23rd January, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons Private Limited Vs. Kirusa Software Private Limited (2018) 1 SCC 353, has inter alia, held that IBC, 2016 is not intended to be substitute to a recoveo forum. The Honble Supreme Court in B. K. Educationat Services Pvt. Ltd. Vs. Parag Gupta and Associates (2018) SCC Online SC 1921 , has, inter alia, held that provisions of Limitation Act will apply to proceedings or appeals before NCLT/NCLAT. Section 238A of the Code make provisions of Limitation Act would apply to proceedings under the Code. In another latest judgment rendered in Transmission Corporation of A. P. Ltd. Vs. Equipment Conductors and Cables Ltd. (CA No. 9597 of 2018) dated 23rd October, 2018, 147 CLA 112 (SC) Supreme Court of India, it is, inter alia held that existence of undisputed debt is sine qua non of initiating CIRP. As per para 25 of judgment in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, it is stated that Adjudicating Authority, while examining an application filed under Section 9 of Code, will have to determine: i Whether there is an 'operational debt' as defined exceeding Rs. l Lakh? ii Whether documentary evidence furnished with the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccurred, there is no existence of dispute, and the petition filed under Section 9 of Code, 2016 is complete and there are no disciplinary proceedings pending against the proposed resolution professional, Mr. Addanki Haresh bearing IP Registration No. IBB1/1PA-001/1P-P-01064/2017-2018/ 11757 pursuant to the written confirmation provided by the proposed resolution professional in Form-2 under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Therefore, we are of the prima facie view that the present petition deserves to be admitted and to initiate CIRP. 11. In the result, by exercising Powers conferred on the Adjudicating Authority U/s 9(5) of IBC 2016, the Company Petition bearing CP(IB) No. 227/BB/2018 is hereby admitted with the following directions: i. Appoint Mr. Addanki Haresh, Insolvency Resolution Professional having office at No. 36/1. 2nd Floor, Munivenkatappa Complex, Bellary Road, Ganganagar, Bangalore - 560032, bearing IP Registration No. IBBI/IPA- 001 /1P-P-01064/2017-2018/ 11757, to conduct CIRP. ii. That this Bench hereby prohibits the institution of suits or continuation of pending s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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