2019 (9) TMI 1358

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....t that RG Steels (Petitioner) has approached this Tribunal as Operational Creditor (OC) under the provisions of section 9 of I&BC, 2016 seeking for the initiation of Corporate Insolvency Resolution Process (CIRP) in relation to Corporate Debtor (CD) for the amounts allegedly unpaid and in default. M/s. Berrys Auto Ancillaries Private Limited thereinafter referred as CD is stated to have been incorporated on 10-9-1975. The Nominal and Paid-up Capital respectively of the CD is stated to be Rs. 2,20,00,000/- and Rs. 2,18,51,000/-. Registered office of the CD is stated to be situated at 8/14, East Patel Nagar, New Delhi-110005. The OC has also proposed the name of one Mr. Ashok Kumar Jalan as an Interim Resolution Professional (IRP) in Part-III....

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....also filed a reply to the Petition. The petition under the circumstances, in view of the completion of pleadings, was heard on 6-9-2019. Prima facie from the Petition, it is evident that the petition has been preferred by M/s. RG Steels stated to be a Sole Proprietary Concern. However, by virtue of definition as contained in section 3(23) of I&BC, 2016 a person even though includes an individual it does not include within its ambit a Sole Proprietary Concern. It is also required to note that from the definition as given in section 5(20) of I&BC, 2016, an OC has been defined as a 'person' to whom an Operational Debt is owned and includes any person against whom such debt has been legally assigned or transferred. Thus, essential crite....