TaxTMI 
TaxTMI 
2022 (8) TMI 762
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....tioner'), represented by its Authorized Representative Mr. Mohit Kanojia, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of Aryan Villa and Resorts LLP (for brevity 'Corporate Debtor'/'Respondent'). 2. The Corporate Debtor namely, Aryan Villa and Resorts LLP, is a LLP incorporated on 14.09.2015 under the provisions of LLP Act, 2008 with Identification Number AAE-7502 with its registered office at Silani Gate, Jhajjar-124103. Hence, the territorial jurisdiction lies with this Adjudicating Authority. 3. The facts of the case, briefly, as stated in the petition are that the operational creditor was approached by the corporate debtor for supply of TMT Bar and various invoices were rais....
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....ance affidavit has been placed on record as per the direction. Despite service, there was no representation from the respondent-corporate debtor and even no reply is filed. In these circumstances, this Adjudication Authority was constrained to proceed with the matter and the respondent has been set ex parte. 8. We have heard the learned counsel for the petitioner and have perused the records. 9. The first issue for consideration is whether the demand notice in Form 3 dated 10.01.2019 was properly served. The petitioner has filed its written submissions vide diary No. 00255/2 dated 05.07.2022, whereby it has been stated that the Demand notice as per Form 3 & 4 was duly served upon corporate debtor before filing of the present petition ....
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....shold 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 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 above threshold limit. 14. In the present petition, all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the petitioner is complete in all respects. The material on record clearly goes to show that the res....
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....ction 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 corporate debtor under Section 33 as the case may be. 17. The Law Research Associate of this Tribunal has checked the credentials of Mr. Vipul Garg and there is nothing adverse against him. In view of the above, we appoint Mr. Vipul Garg, Registration No. IBBI....
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....oard 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 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 manag....