TaxTMI 
TaxTMI 
2019 (10) TMI 893
X X X X Extracts X X X X
X X X X Extracts X X X X
....trigger the Corporate Insolvency Resolution Process in the matter of M/s. J B Gold Private Limited. 2. The Corporate Debtor-M/s. J B Gold Private Limited is a company registered under the provisions of the Companies Act, 1956, and was incorporated on 22.11.2011. The identification number of the Corporate Debtor is U36911DL2011PTC227714 and its registered office is situated at 150/79, Block-D, Municipal No. XIV/11163-2, New Rohtak Road, New Delhi-110005. 3. The Financial Creditor has proposed the name of Resolution Professional, Mr. Mahesh Taneja with the address AE-173, Shalimar Bagh, Delhi-110088 and email id-Maheshtanejal 1 [email protected]. His registration number is IBBI/IPA-002/IP-N00739/2018-19/12326. He has filed his written communic....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ost as well as by email as is evident from the order dated 16.07.2019. However, despite service, no one had put in appearance on its behalf. Thus, it was vide order dated 16.07.2019, that the Corporate Debtor has to be proceeded ex parte. In view of the ex parte order passed, the claim made by the Financial Creditor remains unrebutted. 10. We have heard learned counsel for the Financial Creditor and have perused the pleadings with his able assistance. According to the learned counsel service is complete and there is no resistance. Thus, the claim of the Financial Creditors in respect of 'unpaid debt' has remained controverted. It must therefore be considered to have been admitted. We find substance in the submission. 11. Learned Couns....
X X X X Extracts X X X X
X X X X Extracts X X X X
....w that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, read with Section 7, of the Code. We are satisfied that a default amounting to lacs of rupees has occurred. As per requirement of Section 4 of the Code if default amount is one lac or more then the CIR Process would be issued. The application under sub-section 2 of Section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. 14. As a sequel to the above discussion, this petition is admitted and Shri Mahesh Taneja....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 17. It is made clear that the provisions of moratorium shall not apply to (a) such transactions which might be notified by the Central Government in consultation with any financial regulator; (b) a surety in a contract of guarantor to a Corporate Debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as maybe specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other services or supplies as provided by Regulation 32 of IBBI (Insolvency....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... 19. We direct the Financial Creditor to deposit a sum of Rs. 2 lac with the Interim Resolution Professional to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The amount however be subject to adjustment by the Committee of Creditors. The amount must be accounted for by Interim Resolution Professional and shall be paid back to the Financial Creditor. 20. Before parting we must notice the complaint made against Financial Creditor in the form of discrepancies in the s....