TaxTMI 
TaxTMI 
2021 (11) TMI 184
X X X X Extracts X X X X
X X X X Extracts X X X X
....through its Proprietor Mr. Sanjay Darooka (for brevity 'Operational Creditor'/'Petitioner'), with a prayer to initiate Corporate Insolvency Process against M/s. Rchem Industries Pvt. Ltd. (for brevity 'Corporate Debtor'). There is an affidavit of Mr. Sanjay Darooka in support of the contents of the application at page No. 18 of the petition. 2. The Corporate Debtor namely, M/s. Rchem Industries, is a Company incorporated on 11.10.1999 under the provisions of Companies Act, 1956 with CIN No. U51109PB1999PTC023005 having its registered office at Village Bassikalekhan P.O. Hariana, Hoshiarpur, Punjab which falls within the State of Punjab. Hence, the jurisdiction lies with this Adjudicating Authority. The Authorized Sh....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y petitioner with his banker but the same are returned unpaid with remarks "Funds Insufficient" for one cheque and "Crossed to two banks" for other two cheques. Copy of cheque return memo along with cheques are attached as Annexure P-8 (Colly) of the petition. Thereafter, a legal notice dated 07.03.2019 (Annexure P-10) under Section 138 of Negotiable Instruments Act was issued demanding payment of aforesaid cheques within 15 days. As per Part-IV of Form 5, the total amount claimed to be in default is Rs. 28,90,257/- (along with interest @ 21% per annum) and date of default is stated to be 18.12.2018. 4. It is stated that the respondent-corporate debtor has failed to discharge its obligation towards the applicant-operational creditor, in as....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....2020, the following order was passed:- "CP (IB) No. 327/Chd/Pb/2019 Inspite of availing substantial time, the respondent/corporate debtor has chosen not to file reply till date. 2. List on 06.03.2020 for filing reply within three weeks as a last chance with a copy to the other side, failing which the respondent shall be liable to pay costs of Rs. 10,000/- to the Prime Minister's National Relief Funds. Rejoinder, if any, be filed within one week thereafter after service on the other side. CA No. 716/2019 The instant CA has been filed by the petitioner in the CP under rule 11 of NCLT Rules, 2016 seeking directions to restrain the corporate debtor from selling or otherwise alienating any of its assets, both movable and immovable....
X X X X Extracts X X X X
X X X X Extracts X X X X
....90,257/-. After the service of demand notice, corporate debtor wrote an e-mail dated 24.04.2019 (Annexure P-13) wherein it is stated that company is unable to pay the debt. It can be seen that even after service of Demand Notice dated 13.02.2019, no notice of dispute has been raised by the corporate debtor. In view of the same, we held that there is no pre-existing dispute. 12. The other issue for consideration is whether the C.P. is filed within limitation. All the invoices (Annexures P-2 to P-4) are pertaining to the year 2018 and since the C.P. is filed in the year 2019, therefore, the C.P. is well within the period of limitation. 13. We have gone through the contents of the application filed in the Form No. 5 and find the same to be c....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose....
X X X X Extracts X X X X
X X X X Extracts X X X X
....onals approved for NCLT, Chandigarh Bench for appointment as IRP or Liquidator. The panel is valid for six months for July-December 2021. We select Mr. Harish Malhotra appearing at Serial No. 4 of the panel to be appointed as Interim Resolution Professional. 16. The Law Research Associate of this Tribunal has checked the credentials of Mr. Harish Malhotra and there is nothing adverse against him. In view of the above, we appoint Mr. Harish Malhotra, Registration No. IBBI/IPA-001/IP-P00728/2017-18/11223, E-mail: [email protected], as the Interim Resolution Professional subject to the condition that he shall file Form 2 within a period of one week from the date of this order if not filed. The IRP is directed to take the steps as mandated u....