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TMI Blog2022 (9) TMI 905X X X X Extracts X X X X X X X X Extracts X X X X ..... the 'Rules') by Mr. Govind Ram Dewangan ('Petitioner/Financial Creditor No. 1') and One Hundred and thirty-one others, to initiate the Corporate Insolvency Resolution Process ('CIRP') against the Geoshine Mines 2 Metals Limited (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Govind Ram Dewangan. Authority Letters executed by the remaining financial creditors in favour of Mr. Govind Ram Dewangan have been attached as Annexure-F at page 424-474 of the Petition. The master data of the Corporate Debtor has been annexed as Annexure-C of the Petition. A perusal whereof shows that the Corporate Debtor is incorporated on 16.05.1997 and is involved in legal, accounting, book-k ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P00870/2017-18/11468. A copy of Form 2 along with valid AFA and IBBI Registration Certificate obtained from the proposed IRP has been attached at page 281-289 of the petition. 5. The notice of this petition was issued to the respondent-Corporate Debtor vide order dated 22.11.2021 by this adjudicating authority to show cause as to why the present petition be not admitted. It is to be noted that as per order dated 22.11.2021 passed by this Adjudicating Authority, despite repeated service on registered office and corporate office of corporate debtor vide order dated 11.01.2022 and even after service through emails, none has appeared on behalf of the respondent. Therefore, this Adjudicating Authority was constrained to proceed with the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lass is maintainable. Section 7 of the Insolvency & Bankruptcy Code, 2016 is reproduced below:- "Section 7 Initiation of corporate insolvency resolution process by financial creditor (1) A financial creditor either by itself or jointly with 1[other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. [Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e investors and other Financial creditor" fulfill the criteria/limit under Section 4 of the 'I & B' Code. Further, stipulating that an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent of the total number of such creditors in the same class, whichever is less. In the present case, more than 132 creditors of same class who have approached this Authority for the redressal of their grievances. In view of The Insolvency and Bankruptcy Code (Amendment) Act, 2020 dated 16.08.2019 by which 1st Proviso to Sec. 7(1) was added which was upheld by judgment of the Hon'ble Supreme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tration 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. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of his appointment, and shall convene first meeting of the Committee within seven days of filling the report of Constitution of the Committee. The Interim Resolution Professional is further directed to send regular progress reports to this Tribunal every fortnight. 15. This Adjudicating Authority directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The Interim Resolution Professional is directed to make a specific mention of any non-compliance in this regard in his status report filed before this Bench and move an application seeking appropriate remedy, if required. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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