9911796707
TMI Blog2022 (7) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... tcy Code, 2016 (for brevity 'IBC' / 'Code'), by Deepinder Singh, Proprietor, Singh Paper and Board (for brevity 'Operational Creditor' / 'Petitioner'), represented by its Proprietor, Mr. Deepinder Singh, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of Beckons Industries Limited (for brevity 'Corporate Debtor'/ 'Respondent'). 2. The Corporate Debtor namely, Beckons Industries Limited is a Company incorporated on 03.09.1992 under the provisions of Companies Act, 1956 with CIN No. L21017PB1992PLC012574 with its registered office at SCR:-725, Indra Market Jalalabad (west), Firozpur PB-152024 IN. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of the corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate debtor filed its reply vide Diary No. 234 dated 29.06.2020 whereby it stated that company could not make payment due to long illness and untimely death of the Managing Director of the respondentcorporate debtor. 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 05.10.2019 was properly served. The petitioner has placed a tracking report, whereunder it was stated that the registered 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 respondentcorporate debtor in its re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate 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 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, Beckons Industries Limited and also direct moratorium in terms of sub-section (1) of Section 14 of the code t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 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 Mr. Manish Aggarwal and there is nothing adverse against him. In view of the above, we appoint Mr. Manish Aggarwal, Registration No. IBBI/IPA-002/IP-00148/2017-2018/10384, E mail;[email protected], Mobile No. 9988114441 as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr. Manish Aggarwal 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 suspende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aims against Corporate Debtor; v.) 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; 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 fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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