2020 (1) TMI 1262

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....orm-5, is AHOPAA7376E and the address of its office is Plot No. 145, DLF Industrial, Phase-1, Faridabad, Haryana. There is also an affidavit in support of the contents of the application is from pages 18 to 20 of the petition. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. M/s. Karan Processors Pvt. Ltd. (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated under the provisions of Companies Act, 2013 with authorized share capital of Rs. 50,00,000/- and paid up share capital of Rs. 45,50,000/-. The CIN of the respondent-corporate debtor is U18101HR2010PTC040683 and its registered office is situated in Faridabad in the State of Haryana 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 A-8 of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the petitioner-operational creditor is engaged in the business of boiler chemicals. It is stated that in continuation of business activities with Corporate Debtor, the petitioner-operational c....

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....dings pending against him with the Board or Indian Institute of Insolvency Professional of ICSI. 9. Notice of this petition was issued to the Corporate Debtor on 25.07.2019 to show cause as to why this petition be not admitted. The affidavit of service was placed on record vide Diary No. 4521 dated 03.09.2019. 10. On the last date of hearing, the learned counsel on behalf of the respondent submitted that respondent-corporate debtor admits the debt and also submitted that the respondent is not in a position to repay the said debt. He further submitted that the respondent-corporate debtor has no objection if the CP is admitted. 11. We have heard the learned counsel for the corporate debtor and operational creditor and have also perused the records. 12. The first issue for consideration is whether the demand notice in Form No. 3 dated 20.05.2019 was properly served. The demand notice dated 20.05.2019 was sent at the address as per the master data at Page No. 91 of the petition in which the registered office is shown as Plot No. 145,DLF, Industrial Estate No. 1, Faridabad, Haryana - 121003. The copy of demand notice duly acknowledged by the Corporate Debtor is at Page 47 of....

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.... feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application." 16. We have gone through the contents of the application filed in Form No. 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs. 1,25,580/- (inclusive of interest of Rs. 9,729/-). Copy of Ledger Account of the corporate debtor in the books of the financial creditor for the period of 01.04.2016 to 31.03.2019 (pages 48 to 87 of the petition) has been filed. The copy of invoices has been filed at Annexure A-4 of the petition. Moreover, demand notice in Form No. 3 was also sent on 20.05.2019 stating that the amount due as on 22.02.2019 from the corporate debtor to the operational creditor is Rs. ....

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.... be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 21. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 22. The Law Research Associate of this Tribunal has checked the credentials of Mr. Sameer Rastogi and there is nothing adverse against him. In view of the above, we appoint Mr. Sameer Rastogi, Registration No. IBBI/IPA-002/IP-N00226/2017-18/10677, Mobile No. 9818685399, E-mail: [email protected], as the Interim Resolution Professional with the following directions: - i.) The term of appointment of Mr. Sameer Rastogi shall be in accordance with the provisions of Section 16(5) of the Code; ii.) In terms of Section 17 of the Code, from the d....