TaxTMI 
TaxTMI 
2022 (11) TMI 864
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....(for brevity "the Rules") through Mr. Vismay Chokshi, designated partner of Trinity Entertainment & Strategic Consultants LLP (for brevity "Applicant") authorised vide resolution dated 01.11.2019, with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP) against Padmanabh Sports Private Limited (for brevity "Corporate Debtor"). 2. The Applicant is a limited liability partnership having identification No. 27AANFT3932D1Z3 and having registered office at C-802, Silver Dunes, Tata Press Lane, Prabhadevi, Mumbai 400 025. The applicant is engaged in the business of providing franchise management and such other services. 3. The corporate debtor is a private limited company, incorporated under the provisions of Companies Act, 2....
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....debtor, without any demur or protest, but, the corporate debtor failed to make complete payment. That the applicant had received two cheques totalling to Rs. 10,08,197/- om F.Y. 2019-20. A sum of Rs. 17,79,718.82 is still outstanding and payable by the corporate debtor as per ledger account of the applicant and as per the computation annexed with the application. 6. It is further submitted by the applicant that on not receiving the balance outstanding despite sending numerous reminders through email, the applicant was constrained to issue demand notice dated 13.09.2019 under Section 8 of the Insolvency & Bankruptcy Code, 2016 which was duly served on the corporate debtor. The corporate debtor replied to the demand notice vide letter dated ....
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....o appoint advocate to conduct all legal proceedings on behalf of the applicant, and also denied the contents of affidavit in reply. 10. The applicant filed written submissions stating that as per the Franchise Management Agreement, the applicant is entitled to remuneration of Rs. 3.5 lacs per month for providing management services. Pursuant to the agreement, the applicant had raised invoices dated 04.12.2018, 02.01.2019, 23.01.2019, 27.03.2019 and 27.03.2019 on the corporate debtor, but the corporate debtor failed to make complete payment. The corporate debtor acknowledged the debt and default by e-mail dated 08.07.2019. The corporate debtor also acknowledged the debt in its reply to the demand notice dated 20.09.2019 wherein the corporat....
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....partner of the LLP, to act on behalf of the applicant before Court/Tribunal/Forums in legal matters including NCLT to commence CIRP against the corporate debtor. On perusal of the record it is found that in paragraph 7 of its reply dated 20.09.2019 to the notice under section 8 of the Code sent by applicant, the corporate debtor has admitted operational debt of Rs. 14,69,055/-. Relevant portion of the reply is reproduced hereunder: "7. Without prejudice to the above, our client further states that as per the meeting conducted on 21.06.2019 and pursuant to that an -email dated July 08, 2019 you have clearly stated that the amount due is Rs. 14,69,055/- It is thus, clearly submitted that the dues remaining are only as per the e-mail dated J....
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.... default has occurred. The present application is admitted, in terms of section 9 (5) (i) of IBC, 2016. 17. The applicant has not proposed the name of the Interim Resolution Professional (IRP). Therefore, we hereby appoint Mr. Neeraj Kumar Bajaj having address at 609, 21st Century Building, Ring Road, Surat with registration No. IBBI/IPA-001/IP-P-02672/2022-23/14110 and having email ID [email protected] subject to the condition that no disciplinary proceedings are pending against him. Specific consent of the IRP in Form 2, along with disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to be filed within a period of one week from the date of this order. 18. We direct the Operational ....