TaxTMI 
TaxTMI 
2021 (11) TMI 185
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....av Singhal, with a prayer to initiate Corporate Insolvency Process (CIRP) in case of Nuova Proteins Private Ltd. (for brevity 'Corporate Debtor'/'Respondent'). There is an affidavit of Mr. Pallav Singhal in support of the contents of the application dated 09.07.2019 at page 33 of the petition. The Board Resolution dated 30.05.2019 authorising Mr. Pallav Singhal to represent the company in the present application is attached as Annexure A-1. 2. The Corporate Debtor namely, Nuova Proteins Private Limited, is a Company incorporated on 28.06.2007 under the provisions of Companies Act, 1956 with CIN No. U15122HR2007PTC036986 with its registered office at Village Bajidpur, Kunjpura, Karnal Haryana-132001. Hence, the territorial j....
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....ate debtor by speed post on 02.05.2019 as per the tracking report attached as Annexure A-6 (Colly). The corporate debtor vide the demand notice was called upon to repay the total unpaid operational debt of Rs. 4,33,454/- within 10 days of receipt of the demand notice or provide details of a dispute, if any. 5. Notice of this petition was issued to the corporate debtor on 21.11.2019 and an opportunity to file reply was granted. The petitioner was also directed to send notice along with the entire paper book and e-mail to the respondent. It is seen at an e-mail on 08.01.2020 was sent to the respondents at their registered e-mail address and the same has not bounced back. A copy of the e-mail is attached at Page 6 of the affidavit of service ....
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....ing granted 3 weeks to do so nor has corporate debtor entered into appearance after 27.01.2020. It is deposed by the operational creditor that no reply has been received to the demand notice dated 25.04.2019 from the corporate debtors. It is also deposed that there is no dispute of unpaid operational debt pending between the parties in any court of law or any other authority. It implies that there is no dispute in relation to the debt claimed as per Part IV of Form 5. 10. The other issue for consideration is whether this application is filed within limitation. A demand notice in Form 3 attached as Annexure A-6 (Colly) was duly served on the corporate debtor on 02.05.2019 and the due date to honour the outstanding due as per the demand noti....
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....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, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securiti....
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..... The Interim Resolution Professional is further directed to send regular progress reports to this Tribunal every fortnight. 14. The operational creditor has not recommended any Interim Resolution Professional. In this regard a letter bearing File No. 25/02/2021-NCLT dated 01.07.2021 has been received from National Company Law Tribunal, New Delhi forwarding therewith a copy of letter No. IP-12011/1/2020-IBBI/1013/1965 dated 30.06.2021 along with the guidelines and the panel of resolution professional approved for NCLT Chandigarh Bench for appointment as IRP or Liquidator. The panel is valid from 01.07.2021 to 31.12.2021. We select Mr. Tarsem Chand Garg appearing at Serial No. 10 of the panel to be appointed as Interim Resolution Profession....