TMI Blog2019 (10) TMI 1530X X X X Extracts X X X X X X X X Extracts X X X X ..... does not have any disciplinary proceedings pending against him. This petition is admitted and Mr. Sameer Rastogi is appointed as the Interim Resolution Professional - Moratorium declared. - C.P. No. IB-1825(PB)/2019 - - - Dated:- 10-10-2019 - CHIEF JUSTICE (RTD.) M.M. KUMAR HON BLE PRESIDENT AND SHRI S.K. MOHAPATRA HON BLE MEMBER (T) For the Petitioner: Mr. Shah Usman, Mr. R.P. Vats Mr. Manas Shukia, Advocates JUDGMENT M.M.KUMAR, PRESIDENT The Financial Creditor -Small Industries Development Bank of India (SIDBI) has filed the instant petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of M/s Radhey Sham Tandon Manufacturing Private Limited-Corporate Debtor. 2. The Corporate Debtor-M/s. Radhey Sham Tandon Manufacturing Private Limited was incorporated on 17.02.1997. The identification number of the Corporate Debtor is U17114DL1997PTC085178 and its registered office is situated at 6189, RST House, Ground Floor, Nawab Road, Sadar Thana, Delhi-110006. 3. The Financial Creditor has proposed the name of Resolution Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the Corporate Debtor to comply with the schedule of repayment of the principal and interest dues, the Financial Creditor issued a notice dated 14.09.2016 (Annexure- 16) under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to the Corporate Debtor and its Directors.. 8. Two certificates under Section 2A(n) of the Bankers Book Evidence Act have been filed by the Financial Creditor along with print out of account statements which relate to the aforesaid accounts of the Corporate Debtor in which financial debt was transferred by the Financial Creditor. The said certificates further disclosed sufficient compliance with the provisions of Section 2A(n) of the Bankers Book Evidence Act. It is stated by the officer that the statement of accounts filed by the financial creditor are true and correct copies of the bank records maintained by the Financial Creditor in its computer. 9. A record of default is available with the Credit Information Bureau (India) Limited (CIBIL) as per its commercial credit information report of the Corporate Debtor based on report dated 24.07.2019 (Annexure- 14). 10. It is also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial Creditor stand fulfilled. In that regard, he has submitted that the petition as prescribed by Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 (2) of IBC is complete in all respects. He has further submitted that the details of default along with the dates have been stated in part IV and the additional documents have been submitted subsequently along with all the minute details. There is overwhelming evidence available to prove default and name of the resolution professional has been specified who does not suffer from any disqualification. 16. Under sub-section 5(a) of section 7 of the code, the application filed by the petitioner financial creditor has to be admitted on satisfaction that: (i) Default has occurred; (ii) Application is complete, and (iii) No disciplinary proceeding against the proposed IRP is pending. In view of the above no doubt is left that there was an advancement of loan and default on part of the respondent- corporate debtor is established. Even Otherwise there is overwhelming documentary evidence on record which support those findings. 17. We further find that the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... speed-post sent on 06.08.2019 has been returned undelivered on 13.08.2019. Accordingly, service is complete as effected by the email. However, no one has put in appearance on behalf of the respondent. Proceeded ex parte. List for arguments on 11.09.2019. Order dated 11.09.2019 On behalf of the Corporate Debtor Mr. Akhil Shankhwar has put in appearance by stating that on 20.08.2019 corporate debtor was proceeded ex parte and an opportunity be granted to file reply. Vide order dated 20.08.2019 we have noticed that affidavit of service was filed and service on the registered email as per the master data was effected and the same has not been disputed. A copy of the paper book shall be supplied to the counsel for the respondent during the course of the day. In view of the above we grant ten days time to file reply with a copy in advance to the counsel opposite which shall be subject to payment of Rs. 25,000/- as cost payable to the petitioner. List for arguments on 25.09.2019. Order dated 25.09.2019 On 11.09.2019 counsel for the respondent had put in appearance and took time to file reply. Ten days time was granted to file reply by imposing cost of Rs. 25,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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