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TMI Blog2022 (1) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... ll India ('Applicant'/'Operational Creditor') claiming to be an Operational Creditor with a prayer for initiation of Corporate Insolvency Resolution Process ('CIRP') against Romesh Power Products Private Limited ('Respondent'/'Corporate Debtor'). 2. The Applicant is a sole proprietorship with its office at F-946(D), Road No. 14, V.K.I.A., Jaipur-302013 (Rajasthan). It is stated that the Applicant is engaged in manufacturing and distribution of electricity meters, transformers, medical devices, etc. 3. The Respondent is a Private Limited Company incorporated under the provisions of the Companies Act, 1956, duly registered with the Registrar of Companies, Jaipur bearing CIN: U31300RJ1987PTC004113 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent is liable to pay an amount of Rs. 82,27,392/- as an outstanding amount, as mentioned in Part IV of Form 5: 7. The Applicant has filed written submissions reiterating the pleadings as mentioned in the Application. 8. A perusal of the records of the proceeding before this Adjudicating Authority shows that despite service of notices, there is no representation on behalf of the Respondent/Corporate Debtor. 9. This Adjudicating Authority perused all the relevant papers and found them to be in order. The Registered Office of the Respondent is situated in Jaipur and therefore this Adjudicating Authority has jurisdiction to entertain and try this Application. Also, the matter is within the purview of Law of Limitation as the date of def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the unpaid operational debt (page 256-257). This Adjudicating Authority has held above that the demand notice in Form No. 3 was properly delivered by the Operational Creditor and no pre-existing dispute is proved. 13. It has been shown that the Corporate Debtor has failed to make payment of the aforesaid amount as mentioned in the statutory notice to date. It is also observed that the conditions under Section 9 of the Code stand satisfied. Hence, this Adjudicating Authority is inclined to initiate CIRP against the Corporate Debtor as envisaged under the provisions of IBC, 2016. 14. Under sub-section (4) of Section 9 of the Code, the Operational Creditor may propose the name of a Resolution Professional to be appointed as Interim Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said IRP shall act strictly in accordance with the provisions of the Code and with a view to defraying his expenses to be incurred and fees on the account, the Applicant is directed to deposit a sum of Rs. 2,00,000/- (Two Lakhs Only) to the account of IRP within three days from the date of this order. The IRP shall duly file a status report apprising this Adjudicating Authority about the progress of CIRP as unfolding in relation to the Corporate Debtor. In terms of Section 17 and 19 of the Code all personnel of the Corporate Debtor including promoters and Board of Directors, whose powers shall stand suspended, shall extend all cooperation to the IRP during his tenure as such and the management of the affairs of the Corporate Debtor shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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