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TMI Blog2022 (3) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... r Corporate Insolvency Resolution Process in respect of respondent Company M/s. Modex International Securities limited, referred to as the corporate debtor. 2. It is appropriate to mention that the applicant Design Plus Architecture is a company registered under the Companies Act, 1956 on 05.02.2013 with the registered office situated at E-145, Okhla Industrial Estate, Phase III, New Delhi-110020. 3. Mr. Sohrab Shapur Dalai, duly authorized on behalf of applicant vide Resolution dated 25.02.2021, has preferred the present application on behalf of the applicant for initiation of insolvency resolution process against the respondent under the Code. A copy of the Resolution has been placed on record. 4. The Respondent Company M/s. Modex Inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion number IBBI/IPA-001/IPP01865/2019-2020/12919 resident of 193 Agroha Kunj, Sector 13, Rohini, New Delhi-110085, with email-id kronedelhi@gmail.com. Mr. Sanjay Garg has agreed to accept the appointment as the interim resolution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have been made by Mr. Sanjay Garg as per the requirement of the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7(3)(b) of the Code has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. 12. We are satisfied that the present application is complete in all respect. The applicant financial creditor is entitled to move the application against the corporate debtor in view of admitted outstanding financial debt and default of the same by the corporate debtor. The default in repayment of the financial debt is not refuted by the Corporate Debtor. 13. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is hereby, admitted. 14. Mr. Sanjay Garg, having registration number IBBI/IPA-001/IPP01865/2019-2020/12919 having email-id kronedelhi@gmail.com is appointed as an Inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 19. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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