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2019 (6) TMI 1352 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution process - Corporate debtor - Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, IB Code, 2016) r/w Rule 6 of the Insolvency and Bankruptcy (Application of Adjudicating Authority) Rules, 2016 (for brevity, IB Rules 2016) - HELD THAT - On perusal of material documents placed before this Bench, it is clear that the invoices are reflecting supply of materials and also demand for payments towards the materials supplied to the Corporate Debtor herein. Since the Operational Creditor furnished the proof to believe that debt and default are in existence, for their being no dispute from the Corporate Debtor side against the claim made by the Operational Creditor, this Bench, having satisfied with the proof filed by the Operational Creditor in compliance with the provisions of Sections 8 and 9 of the I BC, 2016 admits the instant Company Petition 1243/IB/2018 filed under Section 9 of the I BC. Since the Operational Creditor has not recommended the name of Interim Resolution Professional (IRP), we appoint Mr.S. Sivarama Krishnan as IRP from the list provided by the IBBI Panel. The IRP is directed to take charge of the Respondent/Corporate Debtor management immediately. The IRP is also directed to cause public announcement as prescribed under section 15 of the I B Code, 2016 within three days from the date of copy of this order is received and call for submissions of claim in the manner as prescribed - Moratorium declared.
Issues:
1. Company petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. 2. Default in payment by the Corporate Debtor. 3. Issuance of demand notice and absence of response from the Corporate Debtor. 4. Admission of Company Petition by the Tribunal. 5. Appointment of Interim Resolution Professional (IRP) and declaration of moratorium. 6. Prohibition on certain actions against the Corporate Debtor during the moratorium period. 7. Compliance with various provisions of the Insolvency and Bankruptcy Code by the IRP and associated persons. 8. Directions for communication and compliance with the order. Analysis: 1. The Tribunal considered a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by an Operational Creditor against a Corporate Debtor for default in payment. The Operational Creditor had raised invoices for the supply of materials, amounting to ?15,71,653, with interest at 24%. The Corporate Debtor failed to respond to the demand notice, leading to the filing of the petition. 2. Despite the absence of a written statement from the Corporate Debtor denying the liability and their non-appearance during proceedings, the Tribunal found sufficient proof of debt and default through the invoices presented by the Operational Creditor. As there was no dispute raised by the Corporate Debtor, the Tribunal admitted the Company Petition under Section 9 of the Code. 3. Following the admission of the petition, the Tribunal appointed an Interim Resolution Professional (IRP) from the IBBI Panel and declared a moratorium from the date of the order. The moratorium included prohibitions on various actions against the Corporate Debtor, such as instituting suits, transferring assets, or enforcing security interests, to facilitate the Corporate Insolvency Resolution Process (CIRP). 4. The Tribunal directed the IRP to comply with specific provisions of the Insolvency and Bankruptcy Code, including managing the Corporate Debtor's assets and operations during the moratorium period. Additionally, the Directors, Promoters, and other associated persons were instructed to cooperate with the IRP in discharging their duties as per the Code. 5. Various communication and compliance directives were issued by the Tribunal, including sending the order to the IRP, Operational Creditor, and Corporate Debtor, and obtaining consent letters as required. The detailed address information of the appointed IRP was provided for further correspondence and compliance purposes.
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