TaxTMI 
TaxTMI 
2022 (6) TMI 1214
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....ised vide Board Resolution dated 01.10.2019 to initiate corporate insolvency resolution process ("CIRP") under Section 9 of the Insolvency and Bankruptcy Code 2016 ("the Code") of the Respondent M/s. ASPG Infrastructures Pvt. Ltd. for the alleged default on the part of the Respondent in clearing the debt of Rs. 1,79,63,109 (Rupees One Crore Seventy Nine Lakhs Sixty Three Thousand One Hundred Nine) including outstanding principle of Rs. 1,14,77,632 (Rupees One Crore Fourteen Lakhs Seventy-Seven Thousand Six Hundred and Thirty Two) and Rs. 64,85,477 (Rupees Sixty Four Lakhs Eighty Five Thousand Four Hundred and Seventy Seven) as interest till 04.10.2019 i.e. the date of issue of demand notice as alleged by the Applicant. The details of transa....
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....nt. 2. Consequent to the notice issued by this Tribunal on 21.12.2020, the Counsel for the Corporate Debtor filed its reply on behalf of the Corporate Debtor as below:- * That, the Operational Creditor has filed the present application to claim illegal money from the Corporate Debtor for the goods that were never received by the Corporate Debtor. * That, the Corporate Debtor is engaged in the business of real estate activities and the Corporate Debtor has a sound financial position which is reflected from the balance sheet of the Corporate Debtor 2018-2019 which shows the total assets of the Corporate debtor as on 31st March 2018 are 18,46,34,940 (Rupees Eighteen Crores Forty Six Lakh Thirty Four Thousand Nine Hundred F....
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....he Applicant is based on wrong and misleading statements and the Adjudicating Authority shall reject/dismiss the application filed by the Operational Creditor. 3. The Operational Creditor has filed rejoinder to the reply of the Corporate Debtor stating that: * That, the Corporate Debtor has raised frivolous objections with a sole purpose to confuse the Ld. Adjudicating Authority. * That, the Applicant denied that the allegation made by the Corporate Debtor of Non-Delivery of goods and stated that the goods were delivered by the Applicant to the Operational Creditor and the Operational Creditor has the knowledge of the same and the Applicant placed some receipt of transportation to claim that the goods were delivered to ....
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....ble to pay the amount claimed in the section 9 application. 6. The Tribunal on 13.04.2022 passed an Order and it reads as under:- "Heard the submissions made by the Learned Counsel for the Operational Creditor as well as Learned Counsel for the Corporate Debtor. The claim filed by the Operational Creditor is admitted by the Counsel for the Corporate Debtor and the Counsel for the Corporate Debtor has submitted that the admission is made as per the instruction of her client and her client is unable to pay the amount claimed in the section 9 application. Order is reserved in the matter. This order is dictated in open Court where Counsels for both the parties are physically present." It is clear from this order that the Counsel ....
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....ted 07.12.2021 which is valid till 06.12.2022. This Tribunal vide order dated 01.04.2021 allowed the aforesaid application. Accordingly, the name of IRP as proposed by the Applicant, Mr. Ram Phal Bhardwaj, (Mobile No. - 9811160725), Reg. No. IBBI/IPA-001/IPP01308/2018-19/12053 is being confirmed by this Bench. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15, 17 and 18 of the Code and file his report within 30 days before this Bench. Mr. Ram Phal Bhardwaj 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, 2....
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....on and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Respondent. (iv) The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period. (v) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (vi) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan und....