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TMI Blog2022 (9) TMI 1162X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC' / 'Code'), by M/s Metal Trading Co. (for brevity 'Operational Creditor'/ 'Applicant'), represented by its Authorised Representative, Mr. Purshottam Lal Gupta, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of M/s Deneb Automotives Private Limited (for brevity 'Corporate Debtor'/ 'Respondent'). 2. The Corporate Debtor namely, M/s Deneb Automotives Private Limited, is a Company incorporated on 06.09.2013 under the provisions of Companies Act, 1956 with CIN No.U29253HR2013PTC050270 with its registered office at Building No.724, Sector-37, Part-II, Gurgaon, Haryana-122001. Hence, the territorial jurisdiction lies with this Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-debtor. Compliance affidavit in terms of order dated 01.11.2021 has been filed vide Diary No.277/01 dated 06.12.2021, wherein respondent has been served through email. It was observed that vide order dated 02.03.2020, cost of Rs.10,000/- was imposed and despite service, no reply has been filed by learned counsel for respondent. Even thereafter, none appeared on behalf of the respondent. Keeping in view the facts that neither the cost was paid nor the respondent has put in appearance despite service through email. Therefore, respondent-corporate debtor has been set ex-parte. The short written submissions are also filed by Operational Creditor vide Diary No.00277/2 dated 18.07.2022. 7. We have heard the learned counsel for the petitioner a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39,35,057/- (including Rs.3,33,608/- interest). The operational creditor has supplied goods CR Steel Strips to Corporate Debtor from March, 2018 and issued various invoices which are attached as Annexure G of the petition. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one lakh (prior to the amendment in threshold limit of one crore vide notification No. S.O.1205(E) dated 24.03.2020) by the respondent-corporate debtor. 12. 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 from the above-mentioned facts that the liability of the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 14. 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 interrupted during moratorium period. The provisions of Section 14(3) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 15. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te 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 Persons) Regulations, 2016 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rim Resolution Professional is also directed to make a specific mention of non-compliance, if any, in this regard in his status report filed before this Adjudicating Authority immediately after a month of the initiation of the CIRP and move an application seeking appropriate remedy, if required. vii.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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