2022 (3) TMI 1264

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....eferred as TBC, 2016') R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Operational Creditors, Colliers International (India) Property Services Private Limited seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') of the Corporate Debtor viz., M/s. Logix City Developers Private Limited, declare moratorium and appoint Interim Resolution Professional (hereinafter referred as 'IRP'). 2. The Operational Creditor/Petitioner has averred as follows:- a. It is the case of the Operational Creditor that on 05.07.2011, the parties entered into an agreement for providing construction/project management consultancy services....

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...., the Corporate Debtor vide its Email dated 11.04.2020 has acknowledged and confirmed that the Operational Debt is due and payable to the Operational Creditor. Also the Corporate Debtor in its Reply to Form 3 notice vide Email dated 22.04.2020 has admitted and acknowledged its liability to pay the said Operational Debt. Furthermore, the corporate debtor has not raised any dispute in respect of the amount, invoices raised and the services provided by the Operational Creditor. Therefore, the present petition. 3. The Corporate Debtor has also filed reply to the captioned petition and submitted that the amounts as claimed by the Operational Creditor under Demand Notice dated 10.04.2020 were duly acknowledged by the Corporate Debtor vide emai....

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....ere is no pre-existing dispute, the moment above conditions are fulfilled, this Adjudicating Authority has to admit the section 9 petition and in the present petition both the conditions are fulfilled as discussed above. Therefore, the Petition deserves to be admitted. Hence, this authority is inclined to initiate the CIR Process of Corporate Debtor. Accordingly, the captioned petition is admitted. 5. The Applicant has also proposed the Insolvency Resolution Professional. This Tribunal, hereby, appoints Insolvency Professional namely, Mr. Yogesh Kumar Gupta having Registration Number IBBI/IPA-003/IP-N00078/2017-18/10701 (Email [email protected]) as Interim Resolution Professional as proposed by the Operational Creditor. The IRP is d....