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2022 (10) TMI 925 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - hardship to MSME Operational Creditor from Mumbai who also attended the physical hearings in 2019 at NCLT, Hyderabad - Existence of debt and dispute or not - HELD THAT - The Operational Creditor has filed various documents in proof of claim and default. The demand notice is shown at page Nos. 33 to 35 of the application. The demand notice was served on Corporate Debtor and received by them. The case of the Operational Creditor is that it had supplied printing ink material to the Corporate Debtor. The Tax Invoices are shown at page Nos. 26 and 33 of the additional documents filed by the operational creditor. According to the Operational Creditor, an amount of Rs. 1,00,000/- was paid by the Corporate Debtor on 23.10.2018. It is pertinent to note that the Corporate Debtor has never raised any dispute in regard to defective material. Thus, this is not a matter where existence of a pre-existing dispute is pleaded. In so far as the prayer for costs claimed by the Operational Creditor on the plea that the operational creditor was put to hardship and inconvenience by the Corporate Debtor besides the travelling cost incurred by the Operational Creditor for traveling from Mumbai to Hyderabad for attending the physical hearings before the NCLT, Hyderabad is concerned, liberty is given to the Operational Creditor to make a claim before the IRP and IRP to consider the same as per the rules. Petition admitted - moratorium declared.
Issues:
Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 for admission, initiation of Corporate Insolvency Resolution Process, granting moratorium, and appointment of Interim Resolution Professional against the Corporate Debtor. Analysis: Issue 1: Admission of Application and Initiation of Corporate Insolvency Resolution Process The Operational Creditor filed a Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking admission of the application against the Corporate Debtor for failure to discharge a debt amounting to Rs. 5,60,088. The Corporate Debtor had admitted the liability towards the debt but failed to honor its commitment, leading to the filing of the present Company Petition. The Tribunal found the petition deserving of admission due to the undisputed breach of agreed terms by the Corporate Debtor. Issue 2: Appointment of Interim Resolution Professional The Operational Creditor proposed a name for the Interim Resolution Professional, but the Adjudicating Authority appointed an IRP from the empanelled list circulated by the IBBI. Mr. Dendukuri Zitendra Rao was appointed as the Interim Resolution Professional. The Tribunal directed the IRP to file all relevant papers immediately before the Registrar of the Adjudicating Authority. Issue 3: Declaration of Moratorium and Directions The Adjudicating Authority admitted the Petition under Section 9 of the IBC, declaring a moratorium and issuing various directions. These directions included prohibiting suits or proceedings against the Corporate Debtor, ensuring continuity of essential goods or services, and depositing a sum of Rs. 2,00,000 with the Interim Resolution Professional. The order of moratorium was to be in effect until the completion of the Corporate Insolvency Resolution Process. Issue 4: Communication and Compliance The Tribunal directed the Operational Creditor to communicate the order to the appointed IRP and ensured that the Public announcement of Corporate Insolvency Resolution Process was made immediately. The Registry was instructed to send copies of the order to the Operational Creditor, IRP, and the Registrar of Companies for updating the status of the Corporate Debtor. In conclusion, the Tribunal admitted the Petition, declared a moratorium, appointed an Interim Resolution Professional, and issued necessary directions to facilitate the Corporate Insolvency Resolution Process against the Corporate Debtor.
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