TaxTMI 
TaxTMI 
2021 (6) TMI 48
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....s Kumar Garg" bearing Registration No. IBBI/IPA-002/IP-N00738/2018-19/1229 as Resolution Professional in place of previously proposed Interim Resolution Professional. The consent of Mr. Vekas Kumar Garg in Form 2 has been attached as Annexure-1 of the application. It is deposed by the Interim Resolution Professional that there are no disciplinary proceedings pending against him with the Board or ICSI Institute of Insolvency Professionals. 2. In view of the above mentioned facts, we allow the instant IA and the name of the earlier proposed Interim Resolution Professional "Mr. Sameer Rastogi" be substituted with "Mr. Vekas Kumar Garg". 3. Accordingly, IA No. 71/2021 is disposed of. CP (IB) No. 138/Chd/Hry/2019 4. The instant petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, (for short hereinafter referred to as 'Code') read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short hereinafter referred to as 'Rules') by E2E Telelink India Pvt. Ltd. (Operational Creditor), for initiating Corporate Insolvency Resolution Process (CIRP) in the case of Cambridge Energy Resource Pvt. Ltd. (Corpora....
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....aimed to be in default is Rs. 22,16,395/- (including Rs. 17,68,928/- as principal amount and Rs. 4,47,467/- as interest @ 24% per annum) and the amount is stated to be due on 14.02.2019. The working computation of amount and interest thereon is attached as Annexure A-2 of the petition. 7. A demand notice in Form No. 3/4 dated 08.03.2019 is stated to have been served upon the Corporate Debtor by hand and as well as by speed post (Annexure A-7 of the petition). The corporate debtor vide this demand notice was called upon to repay the total unpaid operational debt (in default) of Rs. 22,16,395/- within 10 days from the receipt of the notice. The demand notice was accompanied by computation of interest, copy of ledger account maintained by Operational Creditor, copy of invoices, reminder letters and letter of confirmation of debt issued by Corporate Debtor. The copy of acknowledgement showing receipt of demand notice delivered to Corporate Debtor is part of Annexure A-7 of the petition (Page No. 77). Copy of postal receipts and tracking reports of notice sent to Corporate Debtor are at Page 109 and 109A of the petition. 8. It is deposed by the petitioner that the Operational Creditor....
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....ational debt was disputed by the corporate debtor. The respondent corporate debtor has filed reply and admitted the incidence of debt towards Operational Creditor. Thus, there is no dispute as to the liability of the corporate debtor towards the operational creditor. 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. 22,16,365/-. It is observed that Operational Creditor has issued various invoices (Annexure A-4) for services provided to Corporate Debtor. Petitioner-Operational Creditor has issued letters dated 15.01.2019 and 31.08.2019 to Corporate Debtor for clearing overdue amount. Afterwards, Corporate Debtor issued a letter dated 15.02.2019 in which an amount of Rs. 17,68,926/- has been confirmed towards operational creditor (Annexure A-6) Petitioner-Operational Creditor has also issued demand notice in Form-3/4 dated 08.03.2019 (Annexure A-7) which was duly received by the Corporate Debtor. An affidavit dated 29.03.2019 (Annexure A-10) has been furnished by the petitioner stating that no reply to demand notice has been received nor any n....
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....atorium 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. Vekas Kumar Garg and there is nothing adverse found against him. In view of the above, we appoint Mr. Vekas Kumar Garg bearing Registration No. IBBI/IPA-002/IP-N00738/2018-19/1229, e-mail: [email protected], as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr. Vekas Kumar Garg 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 suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Inter....