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TMI Blog2022 (8) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... revity 'IBC' / 'Code' ) , by M/s. SNK Rolling Bearings ( for brevity 'Operational Creditor' / 'Petitioner' ), represented by its Proprietor, Mr. Samkit Naresh Shah, with a prayer to initiate Corporate Insolvency Resolution Process ( CIRP ) in case of M/s. Hoshiar Nirvair Tractors Private Limited ( for brevity 'Corporate Debtor'/ 'Respondent' ). 2. The Corporate Debtor namely, 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. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty issued notice dated 28.03.2022 to the parties informing the next date of hearing. Despite 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 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 whethe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code stand satisfied. It is evident from the above-mentioned 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 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. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompletion 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 Mr.Sanjay Arora 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 Int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.) This Adjudicating Authority further directs the ex-management and promoters of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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