2022 (6) TMI 782

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.... Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company M/s. MHG Land Stockist Private Limited, referred to as the corporate debtor. 2. It is appropriate to mention that the applicant M/s. Remotebullion And Jewels Private Limited is a company registered under the provisions of the Companies Act, 1956 on 31.12.2007 having its registered office situated at H. No. 1065, Kucha Natwa Chandini Chowk, Opposite Town Hall Delhi-110006. Mr. Ashok Kumar Gupta, duly authorized on behalf of applicant vide Resolution dated 23.03.2021 has preferred the present application on behalf of the applicant for initiation of insolvency resolution process against the respond....

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....ompliance thereof the applicant has proposed the name of Mr. Anil Tayal, for appointment as Interim Resolution Professional having registration number IBBI/IPA-001/IP-P01118/2018-2019/11818 resident of 201, Sagar Plaza, District Centre, Laxmi Nagar, New Delhi-110092 with email - id [email protected]. Mr. Anil Tayal 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) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have been m....

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....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. 10. 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 admitted 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. 11. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present app....

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....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. 17. 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 Regulations. It is further mad....