TaxTMI 
TaxTMI 
2021 (2) TMI 947
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....brevity 'IBC'/'Code'), 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s Jai Bhawani Steel Industries (through its proprietor, Sh. Nilesh Kumar (for brevity 'Operational Creditor'/ 'Petitioner') dated 21.01.2019, with a prayer to initiate the Corporate Insolvency Resolution Process against M/s EEE and CEE Pressings Private Ltd. (for brevity 'Corporate Debtor'). 2. The Corporate Debtor namely, M/s EEE and CEE Pressings Private Limited is a Company incorporated on 12.01.1987 under the provisions of the Companies Act, 1956 with CIN No. U34102CH1987PTC007231 having its registered office at Plot No.824, Industrial Area Phase-2, Chandigarh which falls within the Union Territory of....
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....e notice. Copy of the postal receipt, along with tracking reports and email sent to the corporate debtor are attached as Annexures-8 and 9 respectively. 5. It is deposed by the operational creditor that after the service of demand notice dared 06.12.2018, the corporate debtor did not raise any dispute within the stipulated time or up to the date of filing this petition. It is also deposed that no dispute was pending with or arose from the corporate debtor qua the outstanding amount even prior to sending of the demand notice dated 06.12.2018. 6. Notice of this petition was issued to the corporate debtor on 14.02.2019 to show cause as to why this petition be not admitted. 7. The Operational Creditor has filed affidavit of service vid....
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....nnexure A-1. 10. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The respondent-corporate debtor has neither filed any reply to the petition nor disputed the liability towards the operational creditor. Thus, there is no dispute regarding the liability between the corporate debtor and the operational creditor. It is also observed that till the last date of hearing, there has been no representation from the respondent-corporate debtor. 11. We have gone through the contents of the petition filed in Form 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs. 21,57,659.69. It is stated that the demand notice dated 06.12.2018....
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....d having established the default in payment of the Operational Debt for the default amount being above Rs. 1,00,000/-, the petition is admitted in terms of Section 9(5)(i) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: (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 a....
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....The consent of the proposed IRP furnished in Form 2 is placed at Annexure-2. The Law Research Associate of this Tribunal has checked the credentials of the above mentioned IRP and there is nothing adverse against him. In view of the above, this Bench appoints Mr. Rakesh Kumar Singhala as Interim Resolution Professional. The IRP is directed to take the steps as mandated under the IBC inter-alia under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 15. The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this....