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2022 (5) TMI 809 - 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 - service of demand notice - HELD THAT - It is noted that the Operational Creditor has supplied the goods to the Corporate Debtor and raised the invoices of Rs. 15,20,526/-. It is also noted that the demand notice under Section 8 of IBC was also sent to the Corporate Debtor, the Corporate Debtor replied to the demand notice but did not clear the claim amount to the Operational Creditor. The corporate Debtor in its reply dated 12.03.2020 has clearly admitted the amount of Rs. 15,20,526/- and also admitted that there is no previous dispute in respect to the service of goods. The instant petition is otherwise defect free and meets the threshold limit as prescribed under Section 4 of IBC as in this petition the claim amount is Rs. 15,20,526/- and the present petition was filed on 10.01.2020 i.e. prior to the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, whereby the default amount is raised up to Rs. 1,00,00,000/- from Rs. 1,00,000/- as per Section 4 of the IBC. In view of the discussion, it is found that the present IB Petition is complete and fit for triggering the Insolvency Resolution Process in respect of Corporate Debtor. Therefore, the present IB Petition, filed under Section 9 of the Code, deserves admission - petition admitted - moratorium declared.
Issues:
Initiation of Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016 based on default in paying an Operational Debt. Detailed Analysis: The Application was filed by the Operational Creditor to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for defaulting on an Operational Debt of Rs. 15,20,526/- related to textile services provided by the Operational Creditor. The Corporate Debtor failed to clear the outstanding amount despite repeated demands and a demand notice under Section 8 of the IBC. The Corporate Debtor admitted the amount claimed in the application and did not dispute the supply of goods by the Operational Creditor. The Tribunal found the petition to be defect-free and meeting the prescribed threshold under Section 4 of the IBC. The claim amount of Rs. 15,20,526/- was within the limit before the notification raising the default amount to Rs. 1,00,00,000/-. The Tribunal concluded that the petition was complete and fit for triggering the Insolvency Resolution Process for the Corporate Debtor. The Tribunal admitted the Corporate Debtor in Corporate Insolvency Resolution Process under Section 9 of the IBC. The Tribunal declared a moratorium under Section 14 of the IBC, prohibiting various actions against the Corporate Debtor, effective until the completion of the Corporate Insolvency Resolution Process or approval of a Resolution Plan. An Insolvency Resolution Professional (IRP) was appointed to conduct the CIRP. The IRP was directed to make a public announcement, call for submission of claims, and ensure the continuity of goods/services supply to the Corporate Debtor during the moratorium period. The Operational Creditor was directed to pay an advance to the IRP for the smooth conduct of the CIRP. The IRP was granted the authority to raise further demands for interim funds as required. The Registry was instructed to communicate the order to relevant parties and upload it on the website. The Tribunal allowed the CP(IB) and directed the Insolvency Resolution Professional to file progress reports for further proceedings.
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