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2020 (9) TMI 505 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Operational Debt - Service of demand notice - HELD THAT - The demand notice dated 01.10.2018 was sent at the address as per the master data at Page No.14 of the petition in which the registered office is shown as Bhawanigarh Road Samana, Distt. Patiala, Punjab - 147101. The postal receipt is found to be attached with Annexure A-9 at page 55 of the petition. It could also be seen that the Corporate Debtor has replied vide letter dated 26.10.2018 (Annexure A-10) to the demand notice dated 01.10.2018. Whether the operational debt was disputed by the corporate debtor? - HELD THAT - The respondent corporate debtor has neither filed any reply to the petition nor has disputed the liability towards the operational creditor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. It is also observed that on the last date of hearing, learned counsel for the respondent has admitted its liability and submitted that this CP may be admitted. The corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementioned fact it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than '1 lac by the respondent-corporate debtor. The petition is admitted - moratorium declared.
Issues Involved:
1. Proper service of the demand notice. 2. Dispute over the operational debt. 3. Compliance with Section 9(5)(i) of the Insolvency and Bankruptcy Code, 2016. 4. Appointment of the Interim Resolution Professional (IRP). 5. Declaration of moratorium. Issue-wise Detailed Analysis: 1. Proper Service of the Demand Notice: The tribunal examined whether the demand notice in Form No.3 dated 01.10.2018 was properly served. The notice was sent to the registered office of the corporate debtor as per the master data, and the postal receipt was attached as evidence. The corporate debtor replied to the notice on 26.10.2018, indicating that the notice was indeed received. 2. Dispute Over the Operational Debt: The tribunal considered whether the operational debt was disputed by the corporate debtor. The corporate debtor did not file any reply to the petition nor disputed the liability towards the operational creditor. The corporate debtor admitted its liability and requested time to clear the debt due to liquidity issues. Therefore, there was no dispute regarding the operational debt. 3. Compliance with Section 9(5)(i) of the Insolvency and Bankruptcy Code, 2016: The tribunal reviewed the application for completeness and compliance with the conditions under Section 9(5)(i) of the Code. The application was found to be complete, and the operational creditor had provided all necessary documents, including invoices, calculation sheets, and bank statements. The corporate debtor failed to make the payment, and no notice of dispute was received by the operational creditor. Additionally, there were no disciplinary proceedings pending against the proposed IRP. 4. Appointment of the Interim Resolution Professional (IRP): The tribunal appointed Mr. Vishawjeet Gupta as the IRP, as proposed by the operational creditor. The IRP’s credentials were verified, and there was nothing adverse against him. The IRP was directed to take control of the corporate debtor's assets, manage its affairs, and perform duties as per the Code. The IRP was also instructed to make a public announcement, constitute a Committee of Creditors, and submit regular progress reports to the tribunal. 5. Declaration of Moratorium: The tribunal declared a moratorium in terms of Section 14 of the Code, effective from the date of the order until the completion of the Corporate Insolvency Resolution Process (CIRP) or until a resolution plan is approved or liquidation is ordered. The moratorium included the suspension of suits or proceedings against the corporate debtor, prohibition of transferring or disposing of assets, and continuation of essential goods or services to the corporate debtor. Conclusion: The tribunal admitted the petition for initiating the CIRP against the corporate debtor, declared a moratorium, and appointed Mr. Vishawjeet Gupta as the IRP. The order was communicated to both parties, and the IRP was directed to proceed with the necessary actions as per the Code.
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