TaxTMI 
TaxTMI 
2021 (6) TMI 896
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.... by M/s. PAN Portfolios Private Limited (for brevity 'Operational Creditor'/'Petitioner'), with a prayer to initiate the Corporate Insolvency Process (CIRP) in case of KSBL Securities Limited (for brevity 'Corporate Debtor'). The petitioner company passed a resolution dated 26.02.2020 (Annexure-C) authorising Mr. Ravi Ranjan Shahi to do all acts in relation to the matter of corporate debtor. The affidavit of Mr. Ravi Ranjan Shahi in support of the contents of the application is filed at page No. 18-19 of the petition. 2. The Corporate Debtor namely, KSBL Securities Limited, is a Company incorporated on 22.01.1993 under the provisions of Companies Act, 1956 with CIN No. U74899HR1993PLC045764 having its registered o....
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....IV of Form-5, the amount claimed to be in default is Rs. 2,43,000 and date of default is stated to be 31.10.2019 which is 30 days from the invoice date. 4. It is stated that the respondent-corporate debtor has failed to discharge its obligation towards the applicant-operational creditor, in as much as it failed to make the payment due to the applicant-operational creditor. 5. A demand notice in Form 3 dated 07.02.2020 (Annexure D) is stated to be served upon the corporate debtor by speed post. The demand notice was accompanied by agreement dated 02.07.2019, MSME Certificate of petitioner, Ledger Account, Invoices, E-mails and Reminder Letters issued by corporate debtor. The corporate debtor vide the demand notice dated 07.02.2020 was ....
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....for consideration is whether the demand notice in Forms 3 dated 07.02.2020 was properly served. The demand notice was sent to the registered address of the corporate debtor as per the master data (Annexure-B) of the petition in which registered office is shown as Plot No. 1, Naher (Canal) Colony B/h Water Filling Plant, Dhankot, Gurgaon, HR 122001. Copy of postal receipt and tracking report showing duly service of notice are attached as Annexure E (Page Nos. 36, 37 & 37A). 12. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The respondent-corporate debtor has filed reply and admitted the occurrence of default towards operational creditor. Thus, there is no dispute as to the liability....
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....more than Rs. 1 lac by the respondent-corporate debtor. 14. In the given facts and circumstances, the present petition being complete and 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 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, arbitra....
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....d there is nothing adverse against him. In view of the above, we appoint Mr. Pawan Kumar Agrawal, Registration No. IBBI/IPA-001/IP-P00852/2017-18/11435, E-mail: [email protected] as the Interim Resolution Professional subject to the condition that the appointed IRP will furnish Form 2 within one week from the date of this order, if not filed. The IRP is directed to take the steps as mandated under the IBC inter-alia under Section 15, 17, 18, 20 and 21 of IBC, 2016. 16. The Interim Resolution Professional shall after collation of all the claims received against 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 ....