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TMI Blog2022 (7) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... , by M/s Yamuna Fertilizer (for brevity 'Operational Creditor' / 'Petitioner'), represented by its Partner Mr. Abhinav Goel, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of M/s Gopal Ji Gargment Private Limited (for brevity 'Corporate Debtor' / 'Respondent'). 2. The Corporate Debtor namely, M/s Gopal Ji Garments Private Limited, is a Company incorporated on 20.05.2011 under the provisions of Companies Act, 1956 with CIN No. U18109PB2011PTC035098 with its registered office at Area 1386.66 Sq. Yds., Jamalpur Industry Plot, Tajpur Road, Jamalpur Awana, District Ludhiana-141 001 IN. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of corporate debtor is attached ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f demand notice by way of email, the corporate debtor settled the matter with the petitioner operational creditor vide the settlement letter dated 02.08.2019. By way of this settlement the corporate debtor had given a cheque dated 15.10.2019 of Rs. 15,57,340/- to the petitioner operational creditor towards the full and final settlement of the outstanding debt. Copy of the settlement letter is appended as Annexure-8 Page 76. 3.3 The corporate debtor inspite of giving the cheque dated 15.10.2019 made an oral request to the petitioner operational creditor not to present the aforesaid cheque for clearing and sought some further time to pay the entire outstanding time and in the meantime transferred an amount of Rs. 2 Lac in the account of peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be not admitted. As per order dated 09.08.2021 of this Tribunal, the notice of CP already duly served by way of paper publication and inspite of service, there was no representation from the respondent-corporate debtor and even no reply is filed. 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 31.07.2018 was properly served. It is already stated above that the service through publication has been done to that effect. 10. The next issue for consideration is whether the operational debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. It is evident that from the abovementioned 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 petitioner is complete in all respect. The material on record which remains unrebutted 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 Gopa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... torium shall have effect from the date of this order till completion of the corporate 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. 17. The Law Research Associate of this Tribunal has checked the credentials of Ms. Shilpa Singhal and there is nothing adverse against her. In view of the above, we appoint Ms. Shilpa Singhal, Registration No. IBBI/IPA- 001/IP-P02061/2020-2021/13230, E-mail: [email protected], Mobile No. 9814612817 as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Ms. Shilpa Singhal shall be in accordance wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in three days as contemplated under Regulation 6 of the Insolvency 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 Res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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