TMI Blog2022 (8) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... peared on behalf of the corporate debtor despite repeated service and has been set ex parte vide order dated 11.02.2020. Moreover, the petitioner has appended affidavit u/s 9(3)(b) stating that there is no reply to the demand notice and the corporate debtor has not cleared the outstanding dues for which the present petition has been filed by the operational creditor. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 05.07.2019 vide Diary No.3220 Whereas the date of default is 06.11.2018, therefore, this Adjudicating Authority finds that this application has been filed within limitation. There is a total unpaid operational debt (in default) of ₹19,00,356/-. The operational creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mely, M/s. Hoshiar Nirvair Tractors Private Limited, is a Company incorporated on 12.06.2014 under the provisions of Companies Act, 2013 with CIN No.U74999HP2014PTC000707 with its registered office at Khasra No. 411, 412, village Bela Bathri, Tehsil Haroli, District Una, Himachal Pradesh-174301 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 A-I. 3. The facts of the case, briefly, as stated in the petition are that the operational creditor was approached by the corporate debtor for supply of bearings and various invoices were raised which were duly received and acknowledged. Copy of ledger account statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the petitioner and have perused the records. 9. The first issue for consideration is whether the demand notice in Form 3 dated 29.04.2019 was properly served. The petitioner has placed a tracking report, whereunder it was stated that the speed post was delivered to the corporate debtor and no reply to that has been received. 10. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It is to be noted that none appeared on behalf of the corporate debtor despite repeated service and has been set ex parte vide order dated 11.02.2020. Moreover, the petitioner has appended affidavit u/s 9(3)(b) stating that there is no reply to the demand notice and the corporate debtor has not c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, M/s. Hoshiar Nirvair Tractors 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 proceedings against the corporate debtor including execution of any judgment, decree or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a and there is nothing adverse against him. In view of the above, we appoint Mr.Sanjay Arora, Registration No. IBBI/IPA-001/IP-P-02340/2021-2022/13538,E-mail: sanjay@sanjayaroraasso ciates.com Mobile No.9417011683 as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr.Sanjay Arora shall be in accordance with the provisions of Section 16(5) of the Code; ii.) The Interim Resolution Professional, Mr.Sanjay Arora is directed to file his written consent in Form-2 within one week of this order. iii.) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reby 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.) This Adjudicating Authority further directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The RP is directed to make a specific mention of any non-compliance in this regard in his status report filed before this Benc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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