TMI Blog2020 (7) TMI 557X X X X Extracts X X X X X X X X Extracts X X X X ..... ent had agreed to make payment within 6 months, i. e., by February 15, 2019. Thus, in view of the section 25(3) of the Indian Contract Act, 1872 which overshadowed section 18 of the Limitation Act, 1963, the matter is within the purview of the law of limitation under article 137 thereof. It is evident from the ledger statement filed by the applicant/operational creditor annexed with the application, that the payment of claim amount of ₹ 1,20,78,456.34 has been defaulted by the respondent/corporate debtor and has been agreed as due and payable. The registered office of the corporate debtor is situated in Jaipur and therefore, this Tribunal has jurisdiction to entertain and adjudicate this application - Hence, this Tribunal is of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , duly registered with the Registrar of Companies, Jaipur, bearing CIN : U18101RJ1991PTC006177 and the Registered Office of the respondent company is at A-17, Krishna Nagar-1, Gandhi Nagar Mod, Jaipur, Rajasthan-302 015. The authorised share capital of the company is ₹ 35,00,000 (rupees thirty five lakhs only) and paid-up share capital is ₹ 34,81,100 (rupees thirty four lakhs eighty one thousand one hundred only), as per master data of the said company. 4. It is the case of the applicant that the applicant had sold connectors, feeder cables, surge arresters, etc., to the respondent and raised invoices worth ₹ 4,05,88,654 (rupees four crores five lakhs eighty eight thousand six hundred fifty four only), out of which ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt, the respondent is liable to pay an amount of ₹ 1,20,78,456.34 as an outstanding amount, as mentioned in Part IV of Form 5 : PART IV Sl. No. Particulars of operational debt 1. Total amount of debt, details of transactions on account of which debt fell due, and the date from which such debt fell due. INR ₹ 1,20,78,456.34 (one crore twenty lakhs seventy eight thousand four hundred and fifty six only. 2. Amount claimed to be in default and the date on which the default occurred. Total amount of debt claimed to be in default is ₹ 1,20,78,456.34. Date of default : 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iate the corporate insolvency resolution process (CIRP) against the respondent/corporate debtor as envisaged under the provisions of the Insolvency and Bankruptcy Code, 2016. 12. The applicant has named the interim resolution professional (IRP), and accordingly Mr. Anoop Bhatia, with the Registration No. IBBI/IPA-001/IP- P01142/2018-2019/11969 (e-mail : ip.anoopbhatia@gmail.com), is appointed as the interim resolution professional ( IRP ) of the respondent/corporate debtor. The applicant has filed consent in form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 stating therein that no disciplinary proceedings are pending against the named IRP, along with the certificate of registration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor is directed to deposit a sum of ₹ 2,00,000 (two lakhs only) to the account of IRP within 3 days from the date of this order. The IRP shall duly file the status report apprising this Tribunal about the progress of CIRP unfolding in relation to the respondent/corporate debtor. In terms of sections 17 and 19 of the IBC, 2016 all personnel of the respondent/corporate debtor including its promoters and board of directors, whose powers shall stand suspended, will extend all co-operation to the IRP during his tenure as such and the management of the affairs of the respondent/corporate debtor shall vest with the IRP. (iv) In terms of section 9 of the Insolvency and Bankruptcy Code, 2016, a copy of this order shall be communicated to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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