TMI Blog2019 (11) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... /- to the applicant/petitioner, the applicant/petitioner sent the Statutory Demand Notice dated 21.05.2019 under Section 8 in Form 3 under Insolvency and Bankruptcy Code, 2016 to the respondent company, to which no reply was received. Therefore, without finding any other alternative remedy the applicant approached this Adjudicating Authority. The application filed by the Operational Creditor under Section 8 and 9 of the Insolvency Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Insolvency Resolution Process against M/S Gurusukh Vintrade Services Pvt. Ltd. Moratorium Order is passed for a public announcement as stated in Sec. 13 of the IBC, 2016 - Application admitted - moratorium declared. - CP (IB) No. 62/CTB/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submits that, the applicant (herein after, Operational Creditor ) is engaged in the business of owning and operating luxury boutique hotels under, inter alia, the brand name of 'Zone by the Park'. It is further submitted by the applicant that the Corporate Debtor is the lessee of a plot of land measuring 30,000 sq. ft (approx.) and has constructed 72 rooms four-star hotel, with food and beverages facilities along with 9,000 sq. ft. banquet hall and conference hall. 7. That Corporate Debtor and Operational Creditor duly executed a Management and Technical Services Agreement dated 26.09.2012 at New Delhi, where in the Corporate Debtor engaged Operational Creditor to provide pre-operation advice for setting up and further for mana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Letter dated 15.12.2017 and has promised to settle the dues. 11. The applicant/petitioner states that since the respondent company failed in making payment of the outstanding to the tune of ₹ 1,45,99,236/- (Once Crore Forty-Five Lakh Ninety-Nine Thousand Two Hundred and Thirty-Six only) to the applicant/petitioner, the applicant/petitioner sent the Statutory Demand Notice dated 21.05.2019 under Section 8 in Form 3 under Insolvency and Bankruptcy Code, 2016 to the respondent company, to which no reply was received. Therefore, without finding any other alternative remedy the applicant approached this Adjudicating Authority. 12. The applicant/Operational Creditor has not proposed the name of any IRP. In view of the same, this Adju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, 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 to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (iv) The supply of essential goods or services to the Corporate Debtor as may be specified s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to him in accordance with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016. The needful shall be done within three days from the date of receipt of this Order by the Operational Creditor. The amount, however, is subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the Operational Creditor. (xi) Directions are also issued to the ex-management to provide all documents in their possession and furnish every information in the knowledge within a period of one week from the date of admission of the petitioner to the IRP, otherwise coercive steps to follow. (xii) The Interim Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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