9911796707
TMI Blog2021 (9) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... Rules') by Mr. Anil Sharma being the proprietor of M/s. Lakshmi Steels (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against M/s. Aaradhyam Developers Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a proprietor, running business under the name and style of M/s. Lakshmi Steels, which is proprietorship concern, having its place of business at 126, Loha Mandi, B.S. Road, Industrial Are, Ghaziabad and Uttar Pradesh - 201009, being an authorized dealer of various T.M.T & structural Steel engaged in the business of supplying T.M.T. & structural steel to real estate companies. 3. The Corporate Debtor is a private limited company incorporated on 24.11.2015, under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supplied the corporate debtor raised no dispute with regards the quality and specifications of the goods and has also utilized the said goods for business. Furthermore, no dispute has been raised with regards the unpaid balance principal amount of Rs. 4,01,970/- to be paid to applicant. However, in spite of repeated requests and communication the corporate debtor failed to pay the admitted outstanding dues. 6. The corporate debtor served a demand notice under Section 8 Form 3 of Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 dated 01.02.2020 demanding the outstanding dues along with interest @ 24% per annum, agreed as per the terms of invoices. The said notice was served at the registered office, delivery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor, as observed by the Hon'ble Apex Court in case of: "Madan And Co. V. Wazir Jaivir Chand" 1989 SCC 264. The extracts from the said order is reproduced herein: "We are of opinion that the conclusion arrived at by the courts below is correct and should be upheld. It is true that the proviso to (i) of section 11(1) and the proviso to section 12(3) are intended for the protection of the tenant. Nevertheless it will be easy to see that too strict and literal a compliance of their language would be impractical and unworkable. The proviso insists that before any amount of rent can be said to be in arrears, a notice has to be served through posts. All that a landlord can do to comply with this provision is to post a prepaid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urns or to forward them to the address where he has gone or to deliver them to some other person authorised by him. In this situation, we have to choose the more reasonable, effective, equitable and practical interpretation and that would be to read the words "served" as "sent by post", correctly and properly addressed to the tenant, and the word "receipt" as the tender of the letter by the postal peon at the address mentioned in the letter. No other interpretation, we think, will fit the situation as it is simply not possible for a landlord to ensure that a registered letter sent by him gets served on, or is received by, the tenant." Hence, it can be inferred that the service of Section 9 is complete. Moreover, the email service is comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the application is admitted. 12. The applicant has not proposed the name of IRP, therefore, this Bench appoints, Ms. Archana Singhal having email id: [email protected] registration no. IBBI/IPA-001/IP-P02036/2020-21/13116 as the Interim Resolution Professional, subject to the condition that no disciplinary proceedings are pending against him. The IRP is required to file consent Form-2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule 2016 and make disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulation 2016, within a period of one week from this order. 13. The application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisage ..... X X X X Extracts X X X X X X X X Extracts X X X X
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