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TMI Blog2022 (7) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor'/'Petitioner') with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of Crest Steel UNA Private Limited (for brevity 'Corporate Debtor'/'Respondent'). 2. The Corporate Debtor namely, Crest Steel UNA Private Limited, is a Company incorporated on 03.04.2012 under the provisions of Companies Act, 1956 with CIN No. U28999HP2012PTC000106 with its registered office at VPO-Kalruhi, Tehsil-AMB, Amb Himachal Pradesh-177203 IN. 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-III. 3. The facts of the case, briefly, as stated in the petition are that the operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is unable to pay the debt. 8. We have heard the learned counsel for the petitioner and respondent-corporate debtor have perused the records. 9. The first issue for consideration is whether the demand notice in Form 3 dated 30.10.2019 was properly served. The petitioner has placed a tracking report, whereunder it was stated that the speed post was delivered to the corporate debtor. 10. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It is to be noted that respondent-corporate debtor in its reply has admitted its liability and also the inability to pay the said debt. Moreover, petitioner has appended affidavit u/s. 9(3)(b) stating that corporate debtor has not issued any notice or rai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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, Crest Steel UNA Private Limited and also direct moratorium in terms of sub-section (1) of Section 14 of the code to take effect and appoint Interim Resolution Professional as below:- a) the institution of suits or continuation of pending suits or proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Tribunal has checked the credentials of Mr. Ashok Kumar Jain and there is nothing adverse against him. In view of the above, we appoint Mr. Ashok Kumar Jain, 18. Registration No. IBBI/IPA-003/IPA-ICAI-N-00205/2018-2019/12362, E-mail: [email protected]; Mobile No. 8168170469 as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr. Ashok Kumar Jain shall be in accordance with the provisions of Section 16(5) of the Code; ii.) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th 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; vi.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days of filing the report of constitution of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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