2018 (12) TMI 70

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.... by M/s. Macro Leafin Private Limited (for brevity 'Applicant') with a prayer to trigger Corporate Insolvency Resolution Process against Pradeep Downhole Equipments Private Limited (for brevity 'Corporate Debtor'). 2. The applicant M/s. Macro Leafin Private Limited, claimed to be the financial creditor, having its registered office at 39/1, Sir Hariramgoenka Street, 1st Floor, Basnstalla, Kolkata-700007 and having CIN U67190WB1995PTC073610. 3. The Respondent Pradeep Downhole Equipments Private Limited a corporate debtor against whom initiation of corporate insolvency resolution process has been prayed for, is a company incorporated on 14th September, 2000 under the Companies Act, 1956 having its registered office at F-102, Ist Floor, MCD ....

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.... is completely denied and further contended that the alleged loan was disbursed by the applicant on 03.09.2014 and filed this petition on 25.04.2018, thus the petition is filed over 3 years after lending the alleged loan and the application is hence barred by the law of limitation. 8. Further, the Respondent has contended that there has been no record of default with any authority since no such loan was ever extended by the applicant to the respondent and also contended that the bank account statement furnished by the applicant are not in accordance with the Bankers Book Evidence Act, 1891. 9. Subsequently, the Applicant has filed a rejoinder stating that the loan was executed on 27.09.2014 but the default was occurred on 28.02.3016. Furt....

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....at a default has occurred and the application under Section 7 is complete. The name of the IRP has been proposed and there are no disciplinary proceedings pending against the proposed Interim Resolution Professional. 15. As a sequel to the above discussion, this petition is admitted and Mr. Tarun Jain with the address 805, Padma Tower-I Rajendra Place, New Delhi and email-id [email protected] and having registration number IBBI/IPA-002/IP-N00187/2017-18/10504 is appointed as the Interim Resolution Professional. 16. In pursuance of Section 13 (2) of the Code, this Tribunal direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of ....

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....financial sector regulator. b. a surety in contract of guarantee to a Corporate Debtor. 17. 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 and principles of fairness which are to apply at various stages of Corporate Insolvency Resolution Process. His conduct should be above board & independent; and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 o....