TMI Blog2022 (6) TMI 779X X X X Extracts X X X X X X X X Extracts X X X X ..... his application is filed within limitation? - HELD THAT:- This application was filed on 15.11.2019 vide Diary No. 6358. Therefore, this Adjudicating Authority finds that this application was filed within limitation. On going through the contents of the application filed in the Form 5, the same is found to be complete. There is a total unpaid operational debt (in default) of ₹ 8,83,275(Principal Amount). The operational creditor has supplied goods to the corporate debtor and raised invoices attached as Annexure A-4. Ledger accounts maintained by the operational creditor have been attached at Annexure A-4. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one lakh (prior to the amendment in thres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ep Kumar, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of M/S Mahajan Steel Furnace Private Limited (for brevity Corporate Debtor / Respondent ). 2. The Corporate Debtor namely, M/s Mahajan Steel Furnace Private Limited, is a Company incorporated on 06.05.2011 under the provisions of Companies Act, 1956 with CIN No. U27320PB2011PTC035035 with its registered office at opposite Dhandari Kalan Railway Station, adjoining R.V. International, G.T. Road, Dhandari Kalan, Ludhiana, Punjab-141010. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of corporate debtor is attached with main petition and marked as Annexure-A2. 3. The facts of the case, briefly, as s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the corporate debtor available on the master data but same was returned with the report that left without instructions but it is noted that service has already been effected on respondent-corporate debtor through substituted service in two daily newspapers i.e. The Pioneer (English) and Ajit Smachar (Hindi) but none has appeared on behalf of respondent. In these circumstances, this Adjudication Authority is constrained to proceed with the matter and the respondent is 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 29.07.2019 was properly served. It is already stated above that the service not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 petitioner 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 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, M/s Mahajan Steel Furnace Private Limited and also direct moratorium to take effect and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate insolvency resolution process or until this 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. 18. The Law Research Associate of this Tribunal has checked the credentials of Mr. Prem Chand Goyal and there is nothing adverse against him. In view of the above, we appoint Mr. Prem Chand Goyal, Registration No. IBBI/IPA-001/IPP01780/2019-2020/12710, E-mail: pcg47758@gmail.com, Mobile No. 9813621782 as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr. Prem Chand Goyal shall be in accordance with the provisions of Section 16(5) of the Code; ii.) The Interim Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Board of India (Insolvency 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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