TMI Blog2019 (9) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... this Application is admitted. Application admitted - moratorium declared. - CO. Petitioner (IB) No. 02/9/JPR/2019 - - - Dated:- 25-9-2019 - Dr. Poondla Bhaskara Mohan, Judicial Member And Raghu Nayyar, Technical Member Yash Sharma, Adv. for the Applicant. N.L. Agrawal, Adv. for the Respondent. ORDER 1. This Application has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Hexagon Nutrition Private Limited (for brevity 'Applicant') claiming to be an Operational Creditor with a prayer for initiation of Corporate Insolvency Resolution Process against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis, which can be inferred from the Ledger Account of the Corporate Debtor in the books of Applicant. The last payment was made on 03.09.2016 of ₹ 10,11,987/- by the Corporate Debtor. Thus, the Applicant issued demand notice under Section 8 of the Insolvency and Bankruptcy Code dated 05.04.2018 on the Corporate Debtor, which was duly received by the Corporate Debtor through post on 11.04.2018. Copy of tracking report as proof of service of the said section 8 notice is annexed as Annexure-8 with the Application, 6. It is further submitted that the Corporate Debtor did not reply to said notice nor made any payment after receiving the demand notice. The Applicant therefore filed present application under section 9 of IBC, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor shall be met and Balance Sheet shall be cleansed by selling the surplus land of Corporate Debtor. In pursuance of the said order, the Corporate Debtor has been ordered vide File No. 54014/1/2016-PSU dated 09.01.2017, to be closed. The aforesaid decision dated 28.12.2016 was further modified by the Government of India in a meeting held on 19.07.2019 under the Chairmanship of the Secretary Department of Pharmaceuticals, Ministry of Chemicals and fertilizers. New Delhi and it has been decided to sell the land of Corporate Debtor land admeasuring 9.35 acres situated at Jaipur. Thus, all the liabilities of the Corporate Debtor including the amount due to the Applicant as per Ledger Account of Corporate Debtor shall be met by the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. Section 238 of the IBC, 2016, read as under: 238. The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law. 12. In the given facts and circumstances, the present Application is complete and the Applicant is entitled to claim its dues, establishing the default in payment of the Operational Debt beyond doubt and there is no tenable ground to reject this application. Therefore, the present Application deserves to be admitted and this Application is admitted. 13. The Applicant has proposed the name of Mr. Mahendra Prakash Khandelwal to be appointed as Interim Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Insolvency Resolution Process strictly as per the timelines specified and as envisaged under the Provisions of IBC, 2016 in relation to the Corporate Debtor. (iii) The said IRP shall act strictly in compliance with the provisions of IBC, 2016. With a view to defray the IRPs expenses to be incurred and fees on account, the Operational Creditor is directed to deposit it a sum of directed to take all such steps as are required under the statute, inter alia in terms of Sections 15, 17, 18, 19, 20 and 21 of the Code. 14.1 The consequences of initiation of CIRP shall be inter alia as follow:- (i) The Resolution Professional, Mr. Mahendra Prakash Khandelwal, having Registration No. IBBI/IPA-002/IP-N00446/2017-18/112 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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