2022 (5) TMI 1204

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....uthority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company M/s. K.S.N. Buildwell Private Limited, referred to as the corporate debtor. 2. It is appropriate to mention that the applicant M/s. Omkara Assets Reconstruction Private Limited is a company registered under the provisions of The Companies Act, 1956 on 19.03.2014 having its registered office situated at No. 9, M.P. Nagar First Street, Kongu Nagar Extension, Tirupur, Coimbatore. Mr. Manish Motilal Lalwani, duly authorized on behalf of applicant vide Resolution dated 31.03.2018, has preferred the present application on behalf of the applicant for initiation of insolvency resolution process....

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.... file reply and argued orally on 11.02.2022. The Corporate Debtor has failed to prove that no debt is payable to applicant financial creditor. The Corporate Debtor has also not provided any correct defence in support of the case. 7. Sub-section (3) (b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Anil Matta, for appointment as Interim Resolution Professional having registration number IBBI/IPA-001/IP-P00223/2017-2019/10422 with email - id [email protected]. Mr. Anil Matta has agreed to accept the appointment as the Interim Resolution Professional and has signed a communication in Form 2 in terms of Rule 9(1....

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....ment of the outstanding financial debt. On a perusal of Form - I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. 11. We are satisfied that the present application is complete in all respect. The applicant financial creditor is entitled to move the application against the corporate debtor in view of outstanding financial debt and default of the same by the corporate debtor. The default in repayment of the financial debt is not refuted by the Corporate Debtor. 12. As a sequel to the above discussion and in terms of Section 7 (5) (a) o....

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....he Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 18. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and R....