2017 (10) TMI 298

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....ort) with a request to initiate Corporate Insolvency Resolution Process against SAL Steel Ltd., treating it as Corporate Debtor. 2. Besto Tradelink Pvt. Ltd., is a Company registered under the Companies Act and its Registered Office is situated in Naranpura Road, Ahmedabad. The Board of Directors of the Applicant Company resolved in the Board Meeting held on 28th July 2017 to file an Application before this Authority under the provisions of the Insolvency Code and accordingly, Shri Anil J. Patel, Director of the Company is authorised to sign the necessary papers, documents, affidavits, etc. The Board of Directors in the said Resolution also resolved to appoint Mr. Ashish Doshi, a practising Company Secretary to appear on behalf of the Ap....

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....led Section 9(b) Affidavit and complete written communication in Form-2. Applicant also filed Section 9(c) Certificate issued by the Bank of Maharashtra stating that no amount has been credited in the account of the applicant since 17th July, 2017 by Respondent Company. Respondent Company appeared through practising Chartered Accountant. Respondent not filed any Objections. 5. Heard the arguments of the learned PCS appearing for the Applicant and Learned Chartered Accountant appearing for the Respondent Company. Learned Chartered Accountant for the Respondent made the statement before this Authority that operational debt is due to the Applicant. Learned PCS appearing for the Applicant contended that the Written Communication filed on beh....

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....closed that no disciplinary proceedings are pending against the IRP. 7. The Application is complete in all respects. The material placed on record clearly establish that Respondent/Corporate Debtor committed default in repayment of operational debt due to the Applicant Company. Respondent Company also did not raise any dispute regarding the existence of operational debt, quality of goods supplied etc. 8. In view of the above discussion, the Application deserves to be admitted and it is accordingly admitted under Section 9(5)(i) of the Code. This Adjudicating Authority hereby appoint Shri Parag Sheth, as 'Interim Insolvency Resolution Professional' having address at 404, Sachet-2, Opp: GLS University, Maradia Plaza, C.G. Road, Ahmedaba....