TaxTMI 
TaxTMI 
2022 (11) TMI 646
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.... on the next date of hearing and also to inform the next of hearing to the opposite counsel through e-mail and file an affidavit of service to that effect. It came to the notice of this Adjudicating Authority that neither affidavit of service nor Vakalatnama was filed in compliance of the order dated 17.01.2022. Thus, matter was relisted on 02.09.2022 for further consideration on account of non-compliance of the order dated 17.01.2022 passed by this Bench. In compliance of the said order, affidavit of service was filed vide Diary No. 00724/15 dated 09.09.2022 and Vakalatnama was filed vide Diary No. 00724/16 dated 09.09.2022. 3. The Corporate Debtor namely, M/s. AGM Auto Private Limited, is a Company incorporated on 31.01.2013 under the provisions of Companies Act, 2013 with CIN No. U50500HR2013PTC048231 with its registered office at # 2009, Sector-21, Panchkula, Haryana - 134109. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of the corporate debtor is attached with the main petition and marked as Annexure A-9. 4. The facts of the case, briefly, as stated in the petition, are that:- 4.1 The petitioner-operational creditor is a co....
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....s. 13,67,609/- which is subject to reconciliation. Therefore, in terms of the notice of demand u/s. 8 of IBC, the petitioner is restricting the demand to Rs. 1,58,61,398/- on the basis of the amount admitted by Corporate Debtor Company. The receipt of goods in respect of all the invoices has been duly acknowledged by Corporate Debtor Company. Apart from the principle operational debt, Corporate Debtor Company is also liable to pay interest @ 24%. 4.4 The petitioner has been supplying goods to the Corporate Debtor Company on the assurance that they shall make payment from time to time and, in any case, would clear the entire outstanding amount at the end of each financial year. There has not been any dispute with respect to the quality or quantity of the products supplied, and consequently, the acknowledgement of goods supplied in terms of various invoices is the confirmation of having received the goods by the Corporate Debtor Company. 4.5 On 01.02.2020, the petitioner sent a notice of demand to the Corporate Debtor Company in terms of Section 8 of the Insolvency and Bankruptcy Code, 2016, read with Rule 5(1)(a) of Insolvency and Bankruptcy (Application to Adjudicating Authorit....
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....bmitted In Part-III of Form No. 5, Interim Resolution Professional is not proposed as it is optional in terms of Section 9(4) of the IBC, 2016 and this Hon'ble Tribunal may appoint any competent person in terms of Section 16(3) of the Code. Keeping in view of this, we appoint Mr. Anil Kumar Singhal, Insolvency Resolution Professional. 8. Notice of this petition was issued to the corporate debtor vide order dated 01.12.2020 to show cause as to why this petition be not admitted. None appeared on behalf of the corporate-debtor. Thereafter as per order dated 17.01.2022 of this Tribunal, the authorized representative for petitioner-operational creditor informed the date of hearing to the opposite counsel and the compliance affidavit has been placed on record as per the direction. Reply along with Vakalatnama has been filed by respondent-corporate debtor by Diary No. 00724/13 dated 25.07.2022. It is submitted by learned counsel for the respondent-corporate debtor that as per Para No. 3 of the reply the respondent corporate debtor company has been facing a very high liquidity crunch due to non-materialization of receivables and has incurred defaults of other operational creditors als....
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....r demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIR Process in the case of the Corporate Debtor, M/s. AGM Auto Private Limited and also direct moratorium in terms of Section 14 of the code to take effect as below:- a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational 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 corporate debtor; e) it is further directed that the supply of essential goods or services to the ....
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....on and as an Insolvency Professional with high standards of ethics and moral; iv.) 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; v.) 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 managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority further directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The RP is directed to make a specific mention o....