TaxTMI 
TaxTMI 
2022 (6) TMI 779
X X X X Extracts X X X X
X X X X Extracts X X X X
....filed, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC' / 'Code'), by M/s Somal Pipes Private Limited (for brevity 'Operational Creditor' / 'Petitioner'), represented by its Manager Mr. Amandeep Kumar, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of M/S Mahajan Steel Furnace Private Limited (for brevity 'Corporate Debtor' / 'Respondent'). 2. The Corporate Debtor namely, M/s Mahajan Steel Furnace Private Limited, is a Company incorporated on 06.05.2011 under the provisions of Companies Act, 1956 with CIN No. U27320PB2011PTC035035 with its registered office at opposite Dhandari Kalan Railway Station, adjoining R.V. International, G.T. Road, Dhandari Kalan, Ludhiana, Punjab-1....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s Tribunal, affidavit of service vide Diary No. 00272/1 dated 02.12.2021 has been placed on record wherein it is stated that the order was sent to the corporate debtor vide speed post on 12.11.2021 at the registered address of the corporate debtor available on the master data but same was returned with the report that 'left without instructions' but it is noted that service has already been effected on respondent-corporate debtor through substituted service in two daily newspapers i.e. 'The Pioneer" (English) and 'Ajit Smachar' (Hindi) but none has appeared on behalf of respondent. In these circumstances, this Adjudication Authority is constrained to proceed with the matter and the respondent is set ex parte. 8. We have heard the learned....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 abovementioned facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is above threshold limit. 14. In the present petition all the aforesaid requirements have been satisfied. It is seen that the petition preferred by petitioner is complete in all respect. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provide....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ment in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 17. 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 corporate debtor under Section 33 as the case may be. 18. The Law Research Associate of this Tribunal has checked the credentials of Mr. Prem Chand Goyal and there is nothing adverse against him. In view of the above, we appoint Mr. Prem Chand Goyal, Registration No. IBBI/IPA-001/IPP01780/2019-2020/12710, E-mail: [email protected], Mobile No. 9813621782 as....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing 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 Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; vi.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in ma....