Tribunal admits insolvency petition against company for non-payment: Interim Resolution Professional appointed

The Tribunal admitted the insolvency application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by a government-owned concern against a company for non-payment of dues amounting to Rs. 20,07,53,000/-. An Interim Resolution Professional was appointed to oversee the resolution process, declare a moratorium under Section 14 of the Code, and ensure compliance with insolvency procedures. The Professional was tasked with preserving the Corporate Debtor's assets and overseeing the resolution process, with all parties required to cooperate under the threat of legal action for non-compliance.

---

---

Issues:
1. Application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016.
2. Claim of being an 'Operational Creditor' against a 'Corporate Debtor'.
3. Default in payment by the Corporate Debtor.
4. Appointment of an Interim Resolution Professional.
5. Declaration of moratorium under Section 14 of the Code.

Analysis:
1. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, along with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioner claimed to be an 'Operational Creditor' with the respondent being a 'Corporate Debtor'.

2. The petitioner, a concern owned by the Government of Maharashtra, was engaged in tourism development and maintenance activities. The respondent, a company incorporated under the Companies Act, 1956, was involved in luxury train operations and tourism consultancy. The petitioner alleged non-payment of dues by the respondent, leading to financial disputes.

3. The Corporate Debtor defaulted on payments amounting to Rs. 20,07,53,000/- since February 15, 2015. Various cheques issued by the respondent bounced due to insufficient funds. Legal actions, including proceedings under the Negotiable Instrument Act and a suit for recovery, were initiated against the Corporate Debtor.

4. An Interim Resolution Professional, Mr. Manoj Kulshrestha, was appointed to oversee the insolvency resolution process. The professional was required to make a public announcement regarding the admission of the application and declare a moratorium under Section 14 of the Code, imposing restrictions on legal proceedings and asset disposal by the Corporate Debtor.

5. The Tribunal directed the Interim Resolution Professional to diligently perform his duties as outlined in the Code, ensuring the preservation of the Corporate Debtor's assets and adherence to insolvency procedures. Cooperation from all involved parties was mandated, with provisions for legal action in case of non-compliance.

This detailed analysis of the judgment highlights the key legal aspects and proceedings involved in the case, leading to the admission of the insolvency application and the subsequent appointment of an Interim Resolution Professional for the resolution process.

---