TaxTMI 
TaxTMI 
TaxTMI 
2019 (11) TMI 1486
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.... of its registered office is Sai Road, Near S.C. Johnson, Baddi, Distt. Solan, Himachal Pradesh. There is also an affidavit in support of the contents of the application annexed as Annexure-VIII of the petition. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. M/s. Bhandari Deepak Industries Private Limited (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated under the provisions of Companies Act, 1956 with authorized share capital of Rs. 4,15,00,000/- and paid up share capital of Rs. 2,97,71,100/-. The CIN of the respondent-corporate debtor is U21014HP1992PTC012443 and its registered office is situated in Solan 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-III of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the applicant-operational creditor has been supplying paper scrap as per the requirement of the respondent-corporate debtor for manufacturing of paper. It is stated that the operational ....
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.... Managing Director of the respondent-corporate debtor. It is submitted that amount overdue as on 01.08.2019 to the petitioner company is Rs. 60,60,503.86 and is not the same as claimed in the petition. It is also submitted that due to lack of demand of semi craft paper, the respondent company was unable to generate revenue, eventually leading to huge losses and virtual closure of business since November 2018. It is also stated in the reply that the Corporate Debtor has incurred defaults of Operational and Financial Creditors. 11. On the last date of hearing, the learned counsel for the respondent submitted that the respondent-corporate debtor has defaulted in making payment of debt and CP may be admitted. 12. We have carefully considered the submissions of the learned counsel for the corporate debtor and operational creditor and have also perused the records. 13. The first issue for consideration is whether the demand notice in Form No. 3 & 4 dated 14.03.2019 was properly served. The demand notices dated 14.03.2019 were sent at the address as per the master data at Page No. 82-83 of the petition in which the registered office is shown as 36, Industrial Area, Baddi, Distt. Solan,....
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....rtion 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." 17. 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 an unpaid operational debt amounting to Rs. 2,43,43,067/- (inclusive of Rs. 1,86,42,633/-plus Rs. 57,00,434/- @ 12% annually for the period from 31.05.2016 to 28.02.2019). Copy of Ledger Account of the corporate debtor in the books of the financial creditor for the period of 01.04.2014 to 31.03.2019 (Annexure-VI of the petition) has been filed. The copy of invoices has been filed at Annexure-IV of the petition. Moreover, demand notice in Form No. 3 & 4 were also sent on 15.03.2019 stating that the amount due from the corporate debtor to the operationa....
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....owever, 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. 22. 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. 23. The Law Research Associate of this Tribunal has checked the credentials of Mrs. Mandeep Gujral and there is nothing adverse against her. In view of the above, we appoint Mrs. Mandeep Gujral, Registration No. IBBI/IPA-001/IP-P000507/2017-18/10908, R/o 3073, Sector 46-C, Chandigarh - 160047, Mobile No. 9814228288, E-mail: [email protected], as the Interim Resolution Professional with the following directions: - i.) The term of appointment of Mrs. Mandeep Gujral 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 date of this appointment, the powers of the Board of Directors shall stand s....