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TMI Blog2022 (6) TMI 1186X X X X Extracts X X X X X X X X Extracts X X X X ..... tcy Code 2016 ("the Code') of the Respondent M/s. Aakriti Info Media Pvt. Ltd. for the alleged default on the part of the Respondent in clearing the debt of Rs. 13,98,035 (Rupees Thirteen Lakhs Ninety Eight Thousand and Thirty Five), including 18% interest annually from April 2015 till institution of this application, as alleged by the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant/Operational Creditor are as follows: i. That the Corporate Debtor approached the Operational Creditor for rendering freight forwarding services from the Operational Creditor. The Operational Creditor agreed to render its services to the Corporate Debtor as demanded by the Corporate Debtor. ii. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed the present application under section 9 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process of the Respondent. 2. Despite several notices to the Corporate Debtor, no one was present on behalf of the Corporate Debtor on any of the dates of the hearing and hence the Corporate Debtor was set ex-parte vide order dated 07.01.2021. 3. We have gone through the documents filed by the Operational Creditor and heard the arguments made by the counsel of the Operational Creditor. The applicant has claimed the default on part of the Respondent for amount of Rs. 13,98,035 (Rupees Thirteen Lakhs Ninety Eight Thousand and Thirty Five), including 18% interest. 4. In compliance of Section 9(3)(b) of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment of the amount due and along with that, in the absence of any pre-existing dispute, this tribunal admits this application and initiates CIRP on the Corporate Debtor with immediate effect. 8. The name of IRP has not been proposed in the application filed by the Operational Creditor. From the panel of Insolvency Professional(s) (IPs) valid for the period - January, 1, 2022 - June, 30, 2022 issued by IBBI panel in terms of Section 16(4), this Adjudicating Authority, hereby appoints Mr. Rakesh Bhatia (Email - iprakeshbhatia@gmail.com), Reg. No. IBBI/IPA-001/IP-P00978/2017-2018/11608, to act as Interim Resolution professional. He shall take such other and further steps as are required under the statute, more specifically in terms of Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 12. It is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government 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 due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional shall make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of his obligation, imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 15. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCT of Delhi, at the earliest possible but ..... X X X X Extracts X X X X X X X X Extracts X X X X
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