TaxTMI 
TaxTMI 
2019 (10) TMI 415
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....ting Authority) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Brain Master's Classes Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor Mr. Sanjay Kumar, a resident of 404, Sapna Apartments, Behind Geeta Bhawan, Indore 452 001 (M.P.) has been rendering services to the respondent. 3. That, the respondent/corporate debtor M/s. Brain Master's Classes Private Limited is a company incorporated under the Companies Act, 1956 on 03.05.2011 and having its registered office at Victory Chamber, 4-A, Ratlam Kothi, Nr. Geeta Bhawan Sq., Indore 452 001, Madhya Pradesh, having identification No. U80903MP2011PTC025907. That, authorised share capital of the corporate deb....
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.... 6. The respondent/corporate debtor has filed affidavit in reply inter alia stating that the operational creditor was rendering professional services to the respondent and as per regular practice, raised various invoices in the name of the corporate debtor and towards the said invoices, an amount of Rs. 10,57,662/- (Rupees ten lacs fifty-seven thousand six hundred sixty-two only) is due and outstanding from the corporate debtor and the respondent admit the receipt of invoices annexed along with the petition. That, on scrutiny and verification of the respondent, the amount as sought for to the tune of Rs. 10,57,662/- appears to be due and outstanding and that the corporate debtor is admittedly liable to pay the said amount to the applicant....
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....l available on record it is found that, the notice issued through the Registry as also notice issued by the petitioner to the respondent is duly served on the respondent and the respondent has admitted the debt. Therefore, the service of notice is complete. That, during the course of hearing, learned lawyer appearing on behalf of the respondent submitted that he has no objection, if the matter is admitted. 10. The Adjudicating authority, while examining an application under Section 9 of the Act, will have to determine the following:- (i) Whether there is an "operational debt" as defined exceeding Rs. 1.00 lac (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the a....
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....n the affidavit in reply filed on 2nd May, 2019. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. 13. That, the Application filed by the Applicant is complete in all respects. 14. The applicant/operational creditor has not proposed the name of Interim Insolvency Professional. This Adjudicating Authority hereby appoint Shri Sunil Kumar Agarwal, Tower 6/603 Devnandan Heights, Near Poddar School, New C.G. Road, Chandkheda, Ahmedabad 382 424 ([email protected]) having registration No. IBBI/IPA-001/IP-P01390/2018-19/12178 to act as an interim resolutio....
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....or any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, ....