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TMI Blog2019 (12) TMI 894X X X X Extracts X X X X X X X X Extracts X X X X ..... les, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor. 2. The Respondent, M/s. Tecpro Infra-Projects Limited is a company incorporated on 10.04.1981 under the Companies Act, 1956 having its registered office at 106, Vishwadeep Tower, Plot No. 4, District Centre, JanakPuri, New Delhi- 110058. Since the registered office of the respondent corporate debtor is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther period of One year, with effect from 16.02.2019 to 15.02.2020. 9. It is also the case of the applicant that despite receiving the services of the Operational Creditor the corporate debtor yet failed to pay the outstanding amount despite the constant follow up by the Operational Creditor and further the applicant also came to know that the Corporate Debtor is attempting to dispose of his assets in order to defraud the various creditors. 10. Further, the Applicant issued a demand notice dated 13.05.2019 under the Bankruptcy and Insolvency Code, 2016, to the Corporate Debtor, therein making a demand of Rs. 4,49,220/- in lieu of the salary due to the Applicant from October 2017 till April 2019. The Corporate Debtor has filed its reply d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuations has only arisen due to the accounts of the Corporate Debtor becoming NPA and thereby withdrawal of all banking limits to Corporate Debtor. 15. Hence from the bare perusal of the affidavit dated 01.08.2019 it can be seen that there is a clear admission of debt in default by the Corporate Debtor. 16. "Operational debt" has been defined under Section 5 (21) of the Code' as follows: "Operational Debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority; Operational creditor has also been defined at section 5(20) as follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im Resolution Professional. His registration number is IBBI/IPA-001/IP-P01070/2017-18/11761, Email ID: [email protected]. The aforesaid Interim Resolution Professional has no disciplinary proceeding pending against him nor has anything else been pointed out with regard to his antecedents. The Interim Resolution Professional has filed necessary declaration in accordance with the IBBI Regulations and the provisions of the Code. 20. In pursuance of Section 13 (2) of the Code we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Regulations) with regard to admission of this application under Section 9 of the Code. 21. We also declare moratorium in terms of Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tee to the corporate debtor in terms of Section 14 (3)(b) of the Code. 23. The Interim Resolution Professional shall perform all his functions contemplated, inter alia, by Sections 15, 17, 18, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and co-operation to the Interim Resolution Professional as may be required by him in managing the day-to-day affairs of the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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