TaxTMI 
TaxTMI 
2018 (1) TMI 952
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....uptcy (Application to Adjudicating Authority) Rules, 2016. The petitioner claims that it is an 'Operational Creditor' and the respondent is a 'Corporate Debtor'. The Corporate Identification number of the petitioner is U99999MH1975SGC018086 and it is based at Mumbai. 2. The petitioner in the application has stated that it is a fully owned concern by Government of Maharashtra and was incorporated for the purpose of systematic development of Tourism on commercial lines. It receives financial assistance from the State Government of the Maharashtra in the form of share capital and grants. The State Government has entrusted all commercial and promotional tourism activities to the petitioner and since its inception, petitioner is engaged in th....
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....High Court. Subsequently in pursuance of order dated 22.03.2017 passed by this Tribunal, compliance in accordance with various notifications and the provisions of the Code, 2016 has been made by the petitioner and in this regard appropriate affidavit dated 21.04.2017 filed by him. 6. The case of the 'Operational Creditor'-petitioner is that in year 2004, the petitioner got an exclusive right from the Railways to operate "Deccan Oddessy Luxury Train" against the payment of haulage and other additional charges as fixed by the Railways from time to time. In year 2009-10, with intent to act as a tour operator to charter the aforesaid luxury train, Managing Director of the respondent company approached the petitioner and expressed his interes....
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....lly). 9. Subsequently in the year 2014, Mr. Sajivee Trehan transferred the entire business of the sole proprietor of "M/s. The Luxury holidays" i.e his sole proprietorship to the respondent company and in this regard business transfer agreement was executed between respondent and the transferrer company through Mr. Sajivee Trehaan. Copies of the business transfer agreement and valuation report have been placed on record as Annexure P-8 (Colly). 10. The petitioner has further asserted that respondent company also illegally assigned the guarantee given to the petitioner in favour of the Central Bank of India to avail credit facilities in order to frustrate the claim of the petitioner, which came to the knowledge of the petitioner only t....
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....ther charges. It is proved beyond doubt that 'job work' i.e. 'services' in terms of Section 5(21) of the Code were procured by the Corporate Debtor from the Operational Creditor. For determination of the aforesaid issue it would be necessary to read the definition of the expressions 'Operational Creditor' and 'Operational Debt' given in Section 5(20) & (21) of the Code and the same is set out below:- Section 5(20) & (21) (20) "operational creditor" means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; (21) "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the....
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....e Hon'ble High Court of Bombay. Thus, there is default committed on the part of the Corporate Debtor within the meaning of Section 3(12) read with Section 4 and Section 9(1) of the Code, 2016. 15. The Operational Creditor has also proposed the name of Interim Insolvency Professional namely Mr. Manoj Kulshrestha, 4th Floor, CS 14, Ansal Plaza, Vaishali (Opp. Dabur), Ghaziabad, UP-201010, who has made declaration in accordance with the provisions of Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 16. As a sequel to the above discussion, this petition is admitted and Mr. Manoj Kulshrestha is appointed as an Interim Resolution Professional. His registration number is IBB1/IPA-003/IP-N00005/2016....
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....orate Debtor which may be specified. Such supply is not to be terminated or suspended or interrupted during the moratorium period. 19. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code. He must follow best practices available in the discipline of Insolvency even borrowing from others jurisdiction provided such practices are suitable to the conditions of this Country. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assi....