TMI Blog2022 (6) TMI 782X X X X Extracts X X X X X X X X Extracts X X X X ..... s due and payable by the respondent company. Needless to say, that an application under Section 7 of the Code is maintainable if the debt is proved to be due and there is default. In view of the Section 4 of the Code, the moment default is of Rupees one hundred lakhs or more, an application to trigger Corporate Insolvency Resolution Process under the Code is maintainable - The applicant clearly comes within the definition of Financial Creditor. The material placed on record as stated in the paras above further confirms that respondent has debt due and has committed default in repayment of the outstanding financial debt. On a perusal of Form - I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi-110006. Mr. Ashok Kumar Gupta, duly authorized on behalf of applicant vide Resolution dated 23.03.2021 has preferred the present application on behalf of the applicant for initiation of insolvency resolution process against the respondent corporate debtor. 3. The Respondent Company M/s. MHG Land Stockist Private Limited is company incorporated on 21.09.2007 under the provisions of the Companies Act, 1956, against whom initiation of Corporate Insolvency Resolution Process has been prayed for, having its registered office situated at, Mangal Apartments, Plot No.-16, Vasundhara Enclave, New Delhi-110095. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Anil Tayal as per the requirement of the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7(3)(b) of the Code has been satisfied. 7. The applicant has placed following documents on record to prove its claim: i. Copy of Statement of Bank Account of DCB Bank and Union Bank of India where deposit are made and credits are received by the financial creditor in respect of Corporate debtor. ii. Copy of Form 26AS depicting the deduction of the TDS on interest paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the corporate debtor. The default in repayment of the financial debt is not refuted by the Corporate Debtor. 11. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is hereby, admitted. 12. Mr. Anil Tayal, having registration number IBBI/IPA-001/IP-P01118/2018-2019/11818 is appointed as an Interim Resolution Professional for corporate debtor. 13. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency Bankruptcy Code, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day to day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim R ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
