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2021 (10) TMI 707 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT - The Applicant filed present Application under section 9 of IBC, 2016 and served the copy of this application at the registered address as well as via email, as reflected on the MCA website, which was duly delivered to the corporate debtor. The affidavit of service has duly been filed - The Corporate Debtor has neither filed any reply nor appeared before the bench. The corporate debtor was proceeded ex-parte on 06.04.2021. As per Form V, Part IV of the application, the corporate debtor is liable to pay an outstanding sum of ₹ 1,14,74,920/-. The date of default as per part IV is 13.01.2020, which is date of invoice. The present application was filed on 01.12.2020, hence the debt is not time barred and the application is filed within the period of limitation - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. The present application is complete and the Applicant is entitled to claim its dues, remained uncontroverted, establishing the default in payment of the operational debt beyond doubt. The present application is admitted, in terms of section 9(5) of IBC, 2016 - application allowed - moratorium declared.
Issues:
- Application under section 9 of Insolvency and Bankruptcy Code, 2016 - Default in payment of operational debt by Corporate Debtor - Jurisdiction of the Tribunal - Appointment of Insolvency Resolution Professional - Deposit by Operational Creditor with Interim Resolution Professional - Moratorium under Section 14(1) of the Code Analysis: The application was filed under section 9 of the Insolvency and Bankruptcy Code, 2016 by Reliable Finance Coprn Private Limited against DHSL Textiles (INDIA) Limited to initiate the Corporate Insolvency Resolution Process. The Applicant alleged that the Corporate Debtor failed to pay an outstanding amount of ?1,14,74,920 for trading in shares, despite multiple reminders and a demand notice. The Corporate Debtor did not dispute the claim, leading to the Applicant filing the present application within the limitation period. The Tribunal found that the Applicant's claim was valid, and the Corporate Debtor did not contest the application, being proceeded ex-parte. It was established that the debt was not time-barred, and the Applicant had complied with the necessary requirements under the IBC. Therefore, the Tribunal admitted the application under section 9(5) of the IBC, 2016. The Tribunal had jurisdiction to entertain the application since the registered office of the Corporate Debtor was in Delhi. Consequently, the Tribunal appointed Mr. Atiuttam Prasad Singh as the Insolvency Resolution Professional (IRP) for the Corporate Debtor, subject to certain conditions and disclosures within a specified timeframe. Furthermore, the Operational Creditor was directed to deposit ?2 lakhs with the Interim Resolution Professional to cover expenses. This amount would be adjusted by the Committee of Creditors and refunded to the Operational Creditor as necessary. The admission of the application triggered a moratorium under Section 14(1) of the Code, prohibiting certain actions against the Corporate Debtor. The order was to be communicated to the parties involved, and compliance reports were required to be submitted to the relevant authorities. The Applicant was instructed to provide a complete paper book to the IRP, and the Registrar of Companies was to update the Master Data accordingly.
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