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TMI Blog2019 (10) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... ty) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Karington Club and Resort Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor M/s.Harmony Multimedia Private Limited is a company registered under the Companies Act, having its registered office at 905, Vishwakarma Arcade, Majura Gate, Ring Road, Surat 395 003 is engaged in the business providing publication service. 3. That, the respondent/corporate debtor M/s. Karington Club and Resort Limited is a company incorporated under the Companies Act on 06.08.2018 and having its registered office at Shop No. 415, Silver Stone Arcade, Singapore Causway Road, Katargam, Surat 395 004, Gujarat State, having Identification No. U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -29 05 Working for computation of interest amount and dates of default 30-30 06 Proof for TDS payment made by applicant to corporate debtor on total bills amount 31-31 07 News paper advertisement 32-38 08 Reply of corporate debtor to the demand notice 39-43 09 Bank certificate 44-44 10 Affidavit in support of application in accordance with IB Code 45-46 11 Affidavit 48-49 12 Board Resolution 51-51 Findings: 7. On perusal of the record, it is found that despite issuance of notice by the applicant as also by Registry of this bench, the respondent did not bother either to file any reply or to represent its case in person/through advocate. The material available on record shows that the respondent had issued reply to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? 10. In view of the aforesaid discussions and before rejecting and/or admitting the application, we must refer to the legislation guide on Insolvency Law of United Nations Commission on International Trade Law. One of the things the Legislative Guide spoke about was whether the debt is subject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. 11. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment and the provisions thereof as enshrined in Insolvency & Bankruptcy Code, this adjudicating authority is of the considered view t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority directs the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and calls for submission of claims under Section 15 as required by Section 13(l)(b) of the Code. 15. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 16. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - (i) t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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