9911796707
TMI Blog2022 (9) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent company, claimed to be the corporate debtor. 2. The applicant, carrying on its business/occupation of selling the vitrified tiles across the globe, has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor under the provisions of the Code. 3. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: a. The Operational creditor and the Corporate Debtor are engaged in the long term business relationship, wherein the Corporate Debtor used to purchase the vitrified tiles from the Operational Creditor and use to sell it further. b. The Operational Creditor submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor had to bear the loss. c) The Corporate Debtor further stated that after receiving the defective material from the Operational Creditor they made a request to the Operational Creditor to provide them with the inspection report which was prepared by the Operational Creditor before dispatching the material to the customers. However, the said requested report has not been received till date. d) The Corporate Debtor also stated in its reply that the interest amount of Rs. 2,35,932/- has been wrongly calculated as the Operational Creditor has failed to give any inspection report and quality report 10 the Corporate Debtor, hence, the Operational Creditor is not entitled for any interest on the dues for a sum of Rs. 4,36,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIRP against a Corporate Debtor on an Application filed by the Operational Creditor before 24.03.2020, it must primarily qualify the threshold limit of Rs. 1 lakh. It is pertinent to mention here that the Notification regarding the enhancement of minimum amount of default to one crore for the purpose of Section 4 was issued by the Ministry of Corporate Affair on 24th March, 2020 and the amount defaulted by the Corporate Debtor and filing of the petition was before that i.e. on 01.03.2020. Since any notification issued by the Government are generally Prospective in nature unless specifically expressed, hence the notification is not applicable to the present case. Therefore, the instant Application satisfies the pecuniary criteria under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is a "Default" also as defined under section 3 (12) of the Code on the part of the Corporate Debtor. 9. In view of the foregoing discussion, this Authority is of the firm view that there was default on the part of the respondent in pursuance of invoices raised on behalf of the applicant. Accordingly, the present application stands admitted in terms of Section 9(5) of the Code and CIRP is hereby ordered to be initiated against the respondent Corporate Debtor, forthwith. 10. The operational creditor has not proposed the name of an Interim Resolution Professional. Therefore, this bench appoints Mr. Ramkripal Sharma as Interim Resolution Professional having registration number IBBI/IPA-002/1P-N01126/2021-2022/13669 with email - id: iprksha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring , encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor, where such property is occupied by or in possession of the corporate debtor. (e) The IB Code 2016 also prohibits Suspension or termination of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate orders. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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