TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 162
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....illon is Ward No. 11, Lakhanpur, Tehsil Sadar, District Bilaspur, Himachal Pradesh. There is also an affidavit in support of the contents of the application at pages 11 to 14 of the petition. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. M/s. Ram Hari Auto's Pvt. Ltd. (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated on 09.07.2012 under the provisions of Companies Act, 1956 with authorized share capital of Rs. 2,00,00,000/- and paid up share capital of Rs. 71,80,000/-. The CIN of the respondent-corporate debtor is U50300HP2012PTC000183 and its registered office is situated at Rani Ki Bain, P.O. Gutkar, District Mandi in the State of Himachal Pradesh and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at Annexure P-2 of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the petitioner-operational creditor and the corporate debtor were into business transactions wherein the operational creditor used to supply building material to the corpo....
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.... notice dated 16.10.2019 and not made any outstanding payment and hence this petition. 8. In Part III of Form 5, the operational creditor has proposed Mr. Ravinder Kumar Goel, bearing Registration No. IBBI/IPA-001/IP-P00705/2017-2018/11252 as the Interim Resolution Professional. The consent of the proposed IRP is furnished in Form No. 2 and is placed at page 21 to 23, in which he has stated that he is currently serving as Interim Resolution Professional/Resolution Professional/Liquidator in one proceeding. It is also stated that there are no disciplinary proceedings pending against him with the Board. 9. Notice of this petition was issued to the Corporate Debtor on 05.12.2019 to show cause as to why this petition be not admitted and Mr. Sandep Singh Josan, Advocate appearing for the respondent accepted the notice. 10. The corporate debtor has filed reply vide Diary No. 166 dated 08.01.2020 stating that due to downfall of Motorised Vehicle Market, demonetization, exist of General Motors from India and other factors, the respondent-company, like many others, has been adversely affected. It is further stated that Chevorlet Motors of the General Motors group, Fiat Motors and Man Tru....
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.... creditor and the corporate debtor if,- (a) the application made under sub-section (2) is complete; (b) there is no payment of the unpaid operational debt; (c) the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor; (d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any." 17. The Hon'ble Supreme Court in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, (2018) 1 SCC 353, Civil Appeal No. 9405 of 2017, held as under:- "51. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(ii)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceedi....
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....n 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. Ram Hari Auto's Pvt. Ltd. and declare moratorium and appointment of Interim Resolution Professional as below. 21. We declare the moratorium in terms of sub-section (1) of Section 14 of the Code, as under:- a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) 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 Securitization and Reconstruction of Operational Assets and Enforcement of 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. 22. It is further....
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....nder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate 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 operational position of the Corporate Debtor constitute a C....