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TMI Blog2022 (1) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s Pardeep Cycle Industries, a Proprietorship concern (for brevity 'Petitioner') through its Sole proprietor Sh. Pardeep Kumar with a prayer to initiate the Corporate Insolvency process against M/s Arpan International Limited, (for brevity 'Corporate Debtor'). 2. The petitioner is a Proprietorship concern having its GST No. 03ACFPK8379K127 and having its registered office at C-66, Industrial Estate, Malerkotla - 148023. The petitioner is engaged in manufacturing & trading of cycle parts. 3. The Corporate Debtor is a limited company, company limited by shares, incorporated under the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ". The notice along with the paper book was sent on the registered e-mail id of Corporate Debtor available on master data on 02.07.2019 and the same did not bounce back as per the affidavit of service filed by the petitioner. 8. It may be noted that in spite of several opportunities given none appeared on behalf of the corporate debtor nor any reply is filed and the right to file reply had been forfeited vide order dated 13.02.2020. Thus, the matter has been heard ex parte. 9. The petitioner has filed its bank statement (Annexure-5) that the amount claimed or any part thereof, the petitioner has neither received nor had any person, on its behalf who received in any manner the amount due towards Corporate Debtor as required under Section 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication to Adjudicating Authority) Rules, 2016 in relation to specifically the Respondent/Corporate Debtor and the Petitioner/Operational Creditor herein and make disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order with the following directions:- i.) The term of appointment of Mr. Deepankur Sharma shall be in accordance with the provisions of Section 16(5) of the Code; ii.) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sociated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days of filing the report of constit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute?" 16. In the present petition, all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the Operational Creditor is complete in all respect. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the Operational Creditor. 17. As a consequence of the petition being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period;] (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. 2[(2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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