TMI Blog2022 (8) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... btor in its reply stated that the amount claimed is not denied and the company is unable to pay any of the amount due and the corporate debtor has become financially unviable. Therefore it is evident from above that the present petition is of admitted liability. Whether this application is filed within limitation? - HELD THAT:- A demand notice issued dated 29.10.2019 in Form 4 attached as Annexure-F was duly served on the corporate debtor through speed post. It is observed that neither any reply from the corporate debtor has been filed in lieu of the above stated demand notice nor any payment has been made. Therefore, the period of limitation would begin from the date of default i.e. 16.05.2019. This application was filed on 01.10.2019 vide Diary No. 5283. Therefore, this Adjudicating Authority finds that this application is filed within limitation. 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP has become ineligible due to the fact that the AFA has expired, subsequently through supplementary affidavit vide diary No. 004321/4 dated 04.10.2021 Mr. Mohd Nazim Khan, Registration No. IBBI/IPA-002/IP-N00076/2017-2018/10207 has been proposed as Interim Resolution Professional (IRP) by the petitioner. Form No. 2 dated 19.08.2021 submitted by the proposed IRP is also enclosed with the affidavit. It is also stated that there are no disciplinary proceedings pending against the professional with the Board or with Indian Institute of Insolvency Professionals of ICAI. 7. Accordingly, order dated 15.10.2019 notice of this petition issued to the corporate debtor to show cause as to why this petition be not admitted. The corporate debtor has filed reply vide diary No.00232/3 dated 31.08.2021 through its Director, Mr. Ram Sunder, whereby it states that the corporate debtor is not in a financial position to pay back the claimed amount. 8. The petitioner operational creditor submitted in its rejoinder vide Diary No. 00232/6 dated 18.11.2021 that the corporate debtor has never been in a position to pay the defaulting amount claimed by the petitioner. 9. We have heard the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amendment in threshold limit of one crore vide notification No. S.O.1205(E) dated 24.03.2020) by the respondent-corporate debtor. 14. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. It is evident that 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. 16. 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, SNS Laboratories Limited and also direct moratorium to take effect and appoint Interim Resolution Professional as below. 17. We d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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