Page 156 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
amount claimed in default is Rs. 51750000J- (Rupees Five C•ores Seventeen Lakh Fifty Thousand) which

was disbursed on various dates through cheques by Financial Creditor Nos. 1 to 4.

11. A perusal of the aforesaid factual narration proved beyond doubt that the respondent has committed

default within the meaning of Section 7 (5) read with Section 3 (12) of the Code. The default is apparently
for a sum of rupees exceeding Rs. 1 lac as per the requirement of Section 4 of the Code and therefore, a
case for initiation of Corporate Insolvency and Resolution Process has been made out.

12. The Financial Creditors had proposed the name of Ms. Kiran Sharma as an Interim Resolution
Professional but during pendency of the application her registration expired on 30.06_2017. Thereafter

an application for substitution of Insolvency Professional was filed by the Financial Creditors on
07.07,2017 proposing the name of Mr. Sumnish Kumar Jain, 2188, Main Road, West Patel Nagar, Opp.

Metro Pillar No. 225, New Delhi-110008, email jainsumnish@ya_h.00.com.in as an Interim Resolution
Professional. His registration number is IBBI/IPA-001/IP-P00292/2017-18/ 10536. A written
communication dated 06.07.2017 in terms of Rule 9(1.) of the Insolvency and Bankruptcy (Application to

Adjudicating Authority) Rules. 2016 has also been placed on record. On the direction of this Tribunal
again written communication dated 05.08.2017 was produced by Mr. Sumnish Kumar Jain wherein
necessary disclosures have been made as per the requirement of the IBBI Regulations. Accordingly, he

satisfies the requirement of Section 7 (3) (b) of the Code.

13. It is evident from the affidavit of service that before filing the instant application it was duly

dispatched to the Corporate Debtor at. its registered office address which was returned with the
endorsement "item delivery attempted unclaimed". Financial Creditor again made an attempt by serving
Corporate Debtor through e-mail and the same was effected. Further a copy of the petition alongwith an

order dated 10.07.2017 was again served on the wife of Mr. Atul Sharma, namely Mahima Sharma, one
of the Director of Corporate Debtor but despite that Corporate Debtor did not appea.r. Accordingly, the

respondent has been duly served and were proceeded ex-parte vide order dated 01.08.2017.

14. As a sequel to the above discussion, this petition is admitted and Mr. Sumnish Kum.ar Jain, 2188,

Main Road, West Patel Nagar, Opp. Metro Pillar No. 225, New Delhi-110008, email jains-
umnish@yahoo.com.in is appointed as an Interim Resolution Professional. His registration number is
IBBI/IPA ,LSO 1/IP, P00292/2017-18/10536, whose name has also figured in the latest list of Insolvency

Professionals issued by the Insolvency 86 Bankruptcy Board of India.

15. In pursuance of Section 13 (2) of Code, we direct that Interim Insolvency Resolution Professional

shall immediately make public announcement with regard to admission of this application under Section 7

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