TaxTMI 
TaxTMI 
2019 (6) TMI 1153
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....16 (hereinafter referred to as Rules) by M/s V.K. Traders (Operational Creditor) for initiating the Corporate Insolvency Resolution Process (CIRP) in the case of M/s Tripurari Agro (Pvt.) Limited (Corporate Debtor). As per master data at page 71 of the petition, the registered office of the Corporate Debtor is at 2937, Ground Floor, Ganesh Nagar Link Road, Industrial Area- A, Ludhiana. Therefore, the jurisdiction lies with this Bench of the Tribunal. 2. It is stated that the operational creditor supplied paddy to the corporate debtor in ordinary course of business. The corporate debtor had issued various invoices from 14.12.2017 to 14.01.2018 and it is stated that the operational creditor has received part payment of the bill dated 14.12.....
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....d to be issued to the corporate debtor to show cause as to why the petition be not admitted on 28.03.2019. The affidavit of service has been filed vide Diary No.2539 dated 17.05.2019 wherein it has been mentioned that the copy of the notice was sent by speed post and the postal receipt with tracking report are enclosed and the item sent by speed post was delivered as mentioned at Page 4 of Diary No.2539 dated 17.05.2019. The copy of the notice is also stated to be sent by e-mail on 25.04.2019 on the e-mail address of the Corporate Debtor and the same was successfully delivered (Page 6 of Diary No.2539 dated 17.05.2019). 7. The Corporate Debtor filed reply vide Diary No.2549 dated 20.05.2019 by way of affidavit of Mr. Balwinder Kumar, Dire....
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....8 (Consignment No. EP367302765N). 11. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. We have noted above that the demand notice in Form No. 3 is stated to be issued on 26.12.2018 and served by speed post on the Corporate Debtor on 31.12.2018. We have also discussed above that Shri Vinod Kumar, Sole Proprietor of the financial creditor has filed an affidavit dated 04.02.2018 stating that the petitioner has neither received any notice from the Corporate Debtor relating to a dispute of the unpaid operational debt nor it has received any payment against the outstanding amount. Therefore, any dispute with regard to the operational debt is not proved. 12. The provisions of Section 9(5)(i....
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....o reply was received. We have held above that the demand notice in form No.3 dated 26.12.2018 was properly delivered by the Operational Creditor and that no reply thereof was furnished by the Corporate Debtor and no pre-existing dispute is also proved. The Interim Resolution Professional was proposed in the petition and in the Form 2 (Page 74-77) it is stated that there are no disciplinary proceedings pending against the proposed Interim Resolution Professional with the Board or the ICSI Insolvency Professional Agency. 14. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP process in the case of the Corporate Debtor M/s Tripurari Agro (Pvt.) Limited a....
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....of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 18. The Law Research Associate of this Tribunal has checked the credentials of Mr. Suresh Kumar Bansal and there is nothing adverse against him. In view of the above, we appoint Mr. Suresh Kumar Bansal, Registration No.IBBI/IPA-002/IP-N00605/2018-19/11863, Mobile No.7009470631, e-mail id: [email protected] as the Interim Resolution Professional, with the following directions:- i) The term of appointment of Mr. Suresh Kumar Bansal shall be in accordance with the provisions of Section 16(5) of the Code; ii) ....
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....te Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi) The Interim Resolution Professional shall after collation of all the claims received against the corporate debtor and the determination of the financial position of the corporate debtor constitute a committee of creditor....