TMI Blog2022 (9) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... L.N. Gupta, Member (T) ORDER Per Dharminder Singh, Member (J) This is an application filed by M/s. IT Power Consulting Private Limited having CIN: U31101DL1997PTC348169 under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'Code, 2016') read with Rule 7 of the Insolvency and Bankruptcy (Application to adjudicating Authority) Rules, 2016 (for brevity 'the AAA Rules') for initiation of Corporate Insolvency Resolution Process (for brevity 'CIRP') against M/s. IT Power Consulting Private Limited, the Corporate Debtor being the Corporate Applicant itself, following a default in meeting the financial obligations to its Financial Creditor (unsecured creditor), Operational Creditors and other creditors as per the averments and records presented before us. 2. The Corporate Applicant is a private limited company incorporated on 16.01.1997 under the provision of the erstwhile Companies Act, 1956 having CIN: U31101DL1997PTC348169 and registered office situated at H. No. -C-50 Basement Shivalik, South Delhi, New Delhi -110017. The Corporate Applicant had started its operations with a vision to set up a big base into providing technical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial creditors and operational creditors. g) The Corporate Applicant has referred to the minutes of the Annual General Meeting dated 20th September, 2021, wherein the members of the corporate debtor inter alia after due discussions and deliberation had resolved by way of Special Resolution to file an application under Section 10 of the Code, 2016. The relevant extract of the special resolution dated 20th September, 2021 is reproduced herein below in verbatim:- Resolved that approval of members of the Company be and is hereby accorded for initiating a Corporate Insolvency Resolution Process against the Company under Section 10 of the Insolvency and Bankruptcy Code, 2016 and that the application filed by the company in Form 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, Ms. Akansha Chaurey, Director of the Company before the National Company Law Tribunal, pursuance to the resolution passed by the Board of Directors at their meeting held on 13th September, 2021 . h) The Corporate Applicant submits that the instant petition is filed in Form -6 under Rule-7 of the IBC- Application to Adjudicating Rules, 2016 seeking initiation of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section 11. If all information are provided by an applicant as required under Section 10 and Form 6 and if the Corporate Applicant is otherwise not. ineligible under Section 11, the Adjudicating Authority is bound to admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I B Code or Forms prescribed under Adjudicating Authority Rules (Form 6 in the present case) are not required to be stored or pleaded. Non-disclosure of any fact, unrelated to Section 10 and Form 6 cannot be termed to be suppression of facts or to hold that the Corporate Applicant has not come with clean hand except the application where the 'Corporate Applicant' has not disclosed disqualification, if any, under Section 11. Nondisclosure of facts, such as that the 'Corporate Debtor' is undergoing a corporate insolvency resolution process; or that the 'Corporate Debtor' has completed corporate insolvency resolution process twelve months preceding the date of making of the application; or that the corporate debtor has violated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 19 of DRT Act, 1993 before a Debt Recovery Tribunal or appeal pending before the Debt Recovery Appellate Tribunal cannot be a ground to reject an application under Section 10, if the application is complete. 7. We are of the view that the existence of debt and default is established and no winding up proceedings are pending against the Corporate Applicant and Corporate Applicant is not covered by the ineligibilities provided under Section 11 of the Code, 2016. We are satisfied that the Corporate Applicant is entitled to move an application under Section 10 of the Code in view of the admitted outstanding financial debt and default of the same by the Corporate Applicant. As a sequel of the above discussion and in terms of Section 10(4) of the Code, 2016, we hereby admit the instant Petition (C.P.(IB)/600/(ND)/2021) in terms of Section 10 of the Code and CIRP is initiated against M/s. IT Power Consulting Private Limited. 8. The Corporate applicant in Part-II of Form 6 has proposed the name of Mr. Yogesh Kumar Gupta, for appointment as Interim Resolution Professional having registration number IBBI/IPA-003/IP-N00078/2017-18/10701. We observe that the Insolvency and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inst the corporate debtor including execution of any judgment, 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 the possession of the corporate debtor. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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