2021 (12) TMI 965

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....ander Bhatia(hereinafter referred to as Petitioner) to initiate the Corporate Insolvency Resolution Process ('CIRP') against M/s NDT Trade House Pvt Ltd (hereinafter referred to as 'Corporate Debtor'). The power of Attorney in favour of Sh. Sanjay Kumar and letter of authority authorizing him to file the present petition is attached as Annexure A1 and A2, respectively of the petition. The Corporate Debtor namely, M/s NDT Trade House Pvt Ltd is a Company incorporated on 30.08.2011 under the provisions of the Companies Act, 1956 with CIN No. U74900HR2011PTC043769 having its registered office at Plot No-566, Phase-V, Udyog Vihar, Gurgaon, which falls within the territorial jurisdiction of this Adjudicating Authority. 2. The Authorized Share C....

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....d that the petitioner has issued a notice under Section 13(2) of Sarfaesi Act on 05.03.2018 demanding a payment of Rs. 5,97,80,938.92 (in aggregate). Later on, possession notice was also issued under Section 13(4) of Sarfaesi Act. The petitioner has also filed an application for the recovery of Rs. 6,19,72,465.92 before DRT-II, Delhi and the true copy of the plaint is attached as Annexure A-6 of the petition. 6. In Part-III of Form No.1, Mr. Arun Gajwani, Registration No. IBBI/IPA-002/IP-N00568/2017-18/11724 has been proposed as Interim Resolution Professional (IRP). Form No. 2 dated 05.12.2018 stating that there is no disciplinary proceedings against the proposed Resolution Professional is attached as Annexure-II of the Petition. It is al....

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....ebtor for the same. 10. The petitioner-petitioner has also published the notice of hearing in two daily newspapers i.e. "Jansatta" dated 06.10.2019 and "Financial Express" dated 06.10.2019 which are attached as Annexure A1 of the Diary No. 5572 dated 14.10.2019. However, none appeared on behalf of corporate debtor, therefore, set ex-parte vide order dated 12.03.2021. 11. We have heard the learned counsel for the petitioner and have also perused the record carefully. Section 7(5)(a) of the Code is as follows:- "5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professio....

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....he 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) It is further directed that the supply of esse....