TMI Blog2022 (6) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... ner has appended affidavit u/s. 9(3)(b) stating that corporate debtor has not issued any notice or raised any dispute regarding the debt for which the present petition has been filed by the operational creditor. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 18.11.2019 vide Diary No. 6401. Whereas the date of default is 01.07.2019, therefore, this Adjudicating Authority finds that this application has been filed within limitation. The application filed in the Form 5 and the same is found to be complete. There is a total unpaid operational debt (in default) of Rs. 9,50,000/- and interest amount of Rs. 17,112.31/-. The operational creditor has been appointed as CEO of the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the provisions of Companies Act, 1956 with CIN No. U70200HR2009PTC039709 with its registered office at 651-652, Udyog Vihar, Phase V, Gurgaon, Haryana - 122001, India. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of the corporate debtor is attached with the main petition and marked as Annexure A-2. 3. The facts of the case, briefly, as stated in the petition are that the petitioner was appointed by the respondent as CEO vide appointment letter dated 27.04.2019 (Annexure A-3) for an annual CTC of Rs. 30 Lacs. However, the petitioner was paid salary only for one month i.e. May 2019 (Annexure A-4). Thereafter, no money was paid till date, despite the fact that the petitioner worked with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In these circumstances, this Adjudication Authority was constrained to proceed with the matter and the respondent has been set ex parte. 8. We have heard the learned counsel for the petitioner and have perused the records. 9. The first issue for consideration is whether the demand notice in Form 3 dated 09.09.2019 was properly served. The petitioner through has placed a tracking report, whereunder it was stated that the speed post was delivered to the corporate debtor Annexure (A-6). 10. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It is to be noted that none appeared on behalf of corporate debtor despite repeated service and has been set ex parte vide order dated 20.04.2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is above threshold limit. 14. In the present petition all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the petitioner is complete in all respects. 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 petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIR Process in the case of the Corporate Debtor, Fairwealth Housing Pvt. Ltd. and also direct moratorium in terms of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 17. The Law Research Associate of this Tribunal has checked the credentials of Mr. Khushvinder Singhal and there is nothing adverse against him. In view of the above, we appoint Mr. Khushvinder Singhal, Registration No. IBBI/IPA-002/IP-N00888/2019-2020/12833, E-mail: kvsinghal@gmail.com Mobile No. 9914030030 as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr. Khushvinder Singhal shall be in accordance with the provisions of Section 16(5) of the Code; ii.) The Interim Resolution Professional, Mr. Khushvinder Singh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; vi.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated 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; vii.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
