Tribunal admits application under Section 9 for Corporate Insolvency Resolution

The Tribunal admitted the application under Section 9 of the Insolvency and Bankruptcy Code, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. The Interim Resolution Professional (IRP) was appointed, and the powers of the Board of Directors were suspended. Cooperation from the Corporate Debtor's personnel was mandated for the IRP to manage the affairs of the company and progress the resolution process effectively.

---

---

Issues:
1. Application filed under Section 9 of the Insolvency and Bankruptcy Code by Operational Creditor against Corporate Debtor.
2. Claim amount arising from Selling Agent Agreement.
3. Failure of Corporate Debtor to pay the claimed amount leading to initiation of Corporate Insolvency Resolution Process.
4. Transfer of the matter from NCLT New Delhi to NCLT Jaipur Bench.
5. Representation by Corporate Debtor stating inability to pay the claim.
6. Appointment of Interim Resolution Professional (IRP) and suspension of powers of the Board of Directors.

Analysis:
1. The application was filed under Section 9 of the Insolvency and Bankruptcy Code by the Operational Creditor against the Corporate Debtor, claiming a total amount of Rs. 10,08,037. The claim arose from a Selling Agent Agreement between the parties, where the Operational Creditor was entitled to a commission for selling properties developed by the Corporate Debtor. Despite repeated reminders and a Notice of Demand, the Corporate Debtor failed to pay the outstanding amount, leading to the initiation of the Corporate Insolvency Resolution Process.

2. The matter was originally filed before NCLT New Delhi but was transferred to NCLT Jaipur Bench. The Corporate Debtor represented its inability to pay the claim, following which the Tribunal directed the Corporate Debtor to submit provisional financial statements. The case was heard, and it was established that the Corporate Debtor could not contest the claim, leading to the admission of the petition under Section 9 of the IBC.

3. The Operational Creditor proposed the name of an Interim Resolution Professional (IRP) in the application. The proposed IRP was appointed, and the powers of the Board of Directors of the Corporate Debtor were suspended. The IRP was tasked with managing the affairs of the company and ensuring the progress of the Corporate Insolvency Resolution Process. The Board of Directors and personnel of the Corporate Debtor were required to cooperate fully with the IRP as per the provisions of the IBC.

In conclusion, the Tribunal admitted the application, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. The appointment of the IRP marked the beginning of the process, with the suspension of the powers of the Board of Directors and the requirement of full cooperation from the Corporate Debtor's personnel.

---