TaxTMI 
TaxTMI 
2022 (6) TMI 384
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....d Bankruptcy Code, 2016 (for brevity 'IBC' / 'Code'), by M/s Kabir Impex (for brevity 'Operational Creditor' / 'Petitioner'), represented by its authorized signatories, Mr. Damanpreet Singh, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of M/s Swati Cast & Forge Pvt. Ltd. (for brevity 'Corporate Debtor'/ 'Respondent'). 2. The Corporate Debtor namely, M/s Swati Cast & Forge Pvt. Ltd., is a Company incorporated on 22.03.2011 under the provisions of Companies Act, 1956 with CIN No.U28939PB2011PTC034860 with its registered office at D-100-101, Phase-V, Focal Point Ludhiana, Punjab-141010 IN. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of the corporate debto....
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....racking report and affidavit by operational creditor to the effect that it has not received any reply against demand notice (Annexure-1 & 7 respectively of the petition) 6. In Part-III of Form No. 5, Interim Resolution Professional has been proposed by the petitioner. Keeping in view of this, we appoint Mr. Pawan Sharma, Insolvency Resolution Professional. 7. Accordingly, order dated 30.09.2019, notice of this petition issued to the corporate debtor to show cause as to why this petition be not admitted. The corporate debtor filed its reply vide Diary No. 5872 dated 23.10.2019 whereby it stated that company has been facing a very high liquidity crunch and is unable to pay the debt. 8. We have heard the learned counsel for the petiti....
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....erational creditor has provided Labour Job Forging to the corporate debtor and raised invoices attached as Annexure-4. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one lakh (prior to the amendment in threshold limit of one crore vide notification No. S.O.1205(E) dated 24.03.2020) by the respondent-corporate debtor. 13. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. It is evident that from the above-mentioned facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is....
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....e possession of the corporate debtor. 15. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 16. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corpor....
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....e. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iv.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; v.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution....