2019 (10) TMI 415

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....nsolvency 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 debtor is Rs. 3,00,000/- and paid up share capi....

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....erational 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. That, the corporate debtor has made various attempts so as to resolve and amicable settle the d....

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....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 aforesaid debt is due and payable and has not yet been paid and (iii) Whether there is existence of a dispute between t....

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....f 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 resolution professional under Section 13(l)(c) of the Code. 15. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its ....