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TMI Blog2019 (11) TMI 291X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency Resolution Process (in short, "CIRP") of the Corporate Debtor as the Corporate Debtor committed default in paying the operational debt of Rs. 24,49,058/-. 2. The Corporate Debtor was served with the notice of this application as contemplated under rule 6(2) of I & B Code (Application to Adjudicating Authority Rules), 2016 but the corporate debtor did not appear. Hence, hearing of this application proceeded ex parte against the corporate debtor. 3. I perused the records. Operational Creditor has produced all invoices to show that operational debt is due and payable by the corporate debtor. He also produced on record the demand notice under section 8 of I&B Code sent to the Corporate Debtor and the track report to show that notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec.15. The public announcement referred to in clause (b) of sub-section (1) of Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iii) Moratorium under Sec.14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: (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 or beneficial interest therein; (c) Any action ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im Resolution Professional (IRP), Mr. Shashi Agarwal, CA (Mob. No. 9831094270), of Subarna Apartment, 21N, Block-A, New Alipore, Kolkata-700 053 having registration No. IBBI/IPA-001/IP-00473/2016-2017/2018 and Email: [email protected] is appointed as the Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan. (x) The Operational Creditor to pay to IRP a sum of Rs. 50,000/- as advance fees, which amount shall be adjusted at the time of final payment. (xi) As per the amended provision of I&B Code, he has to finalise the Resolution Plan on or before 105 days from the date of admission of CIRP. (xii) Registry is hereby directed to communica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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