TMI Blog2020 (5) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... - Hence, this Tribunal is inclined to initiate the proceedings namely, Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the Provisions of the IBC, 2016 and this application is admitted. Application admitted - Moratorium declared. - Company Petition (IB) NO. 24/9/JPR/2019 - - - Dated:- 25-9-2019 - Dr. Poondla Bhaskara Mohan, Judicial Member And Raghu Nayyar, Technical Member Sandeep Kumar Jain, Adv. for the Applicant. ORDER 1. This Application has been filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC, 2016) read with rule 6 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Sangam Silver Arts LLP (for brevity 'Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 and it was mutually agreed that the Corporate Debtor shall make payment of the negotiated amount of ₹ 1,91,29,000/- (Rupees One Crore Ninety-One Lakh Twenty-Nine Thousand Only) along with interest @ 15% to the Applicant. Copy of Agreement is annexed as Exhibit- B with the Application. It was also agreed that the said amount will be paid in 36 monthly instalments for which the Corporate Debtor has drawn and raised 36 cheques dated from 05-9-2016 to 05-8-2019 for ₹ 6.63,113 each inclusive of interest and the principal amount. 5. The Applicant submits, that the full payment of cheques dated 05-9-2016 to 05-3-2017 and part payment towards cheque dated 05-4-2017 is made by the Corporate Debtor. The cheques falling due from 05-4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 59/- 2. Amount claimed to be in default and the date on which the default occurred Date from which such debt fell due: 03-8-2017 8. An Affidavit under section 9(3) (b) to the effect that no reply notice is given by the Corporate Debtor relating to a any dispute of the unpaid operational debt is filed by the Applicant. 9. Perusal of the records of the proceeding before this Tribunal shows that the Learned Counsel Ms. Anubha Singh has appeared before this Tribunal on behalf of the Corporate Debtor and ample opportunity was given to file reply. On 26-8-2019 learned Counsel Ms. Anubha Singh has submitted that she has not received any instructions from the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /11041 (email: sethinitin77@hotmail.com. nitin@spcoindia.com, Mobile No. : 9414078378, 9799931119), duly registered with Indian institute of Insolvency Professional of ICAI, as the Interim Resolution Professional. The Applicant has filed consent in Form 2 vide IA No. 137/JPR/2019 under Insolvency Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 stating therein that no disciplinary proceedings are pending against the named IRP. This IA. No. 137/JPR/2019 is hereby allowed along with this CP. No. (IB)- 24/9/JPR/2019. 13. The consequences of initiation of CIRP shall be inter alia are as follows:- (i) The Resolution Professional Mr. Nitin Sethi, having Registration No. IBB/IPA-001/IP-P00565/2017-18/11041s is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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