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2019 (5) TMI 385 - Tri - Insolvency and BankruptcyOperational debt or not - Operational Creditor - occurrence of default - Whether Operational Creditor delivered Demand Notice on the Corporate Debtor? - Whether there is existence of dispute and record of pendency of suit or arbitration proceedings? - compliance of sub-sections (1) to (4) of Section 9 of the Code - HELD THAT - In the case on hand, since the Petitioner has not given the name of IRP, this Adjudicating Authority is appointing Mr. Pinakin Surendra Shah who has shown his address at A-201, Siddhivinayak Towers, Behind DCP Office, Next to Kataria House, Markarba, S.G. Highway, Ahmedabad having Registration Number as IBBI/IPA-002/IP-N00106/2017-18/10248 as Interim Insolvency Resolution Professional under Section 13(1) of the Code. This Adjudicating Authority directs the Petitioner to make public announcement of initiation of Corporate Insolvency Process and calls for submission of claims under Section 15 as required by Section 13(l)(b) of the Code. In view of the commencement of the Insolvency Resolution process with the admission of this Petition and appointment of the Interim Insolvency Resolution Professional, this Adjudicating Authority hereby declares moratorium under Section 13(l)(a) - the supply of goods and essential services to the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The moratorium order in respect of (i), (ii), (iii) and (iv) above shall not apply to the transactions notified by the Central Government. Petition disposed off.
Issues Involved:
1. Application under Section 9 of The Insolvency and Bankruptcy Code, 2016. 2. Determination of operational debt claim against Corporate Debtor. 3. Appointment of Interim Insolvency Resolution Professional. 4. Declaration of moratorium under Section 13(1)(a) of the Code. Detailed Analysis: Issue 1: Application under Section 9 of The Insolvency and Bankruptcy Code, 2016 The petition was filed by Chitra Publicity Company (OOH) Gujarat under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking recovery of dues from the Corporate Debtor, Oasis Tradelink Ltd., for displaying advertisements. The petition was filed with the National Company Law Tribunal, Ahmedabad Bench. Issue 2: Determination of operational debt claim against Corporate Debtor The petition established that the Operational Creditor provided outdoor hoardings for the Corporate Debtor's advertisements, leading to an operational debt claim. The invoices, agreements, and ledger accounts clearly demonstrated the occurrence of default by the Corporate Debtor in making payments, amounting to a substantial outstanding sum. Issue 3: Appointment of Interim Insolvency Resolution Professional The Adjudicating Authority appointed Mr. Pinakin Surendra Shah as the Interim Insolvency Resolution Professional to oversee the insolvency resolution process. The Authority directed the Petitioner to make a public announcement of the initiation of the Corporate Insolvency Process and called for submission of claims as required by the Code. Issue 4: Declaration of moratorium under Section 13(1)(a) of the Code Upon admission of the petition and appointment of the Interim Insolvency Resolution Professional, the Adjudicating Authority declared a moratorium under Section 13(1)(a) of the Code. This moratorium prohibited various actions against the Corporate Debtor, including institution of suits, transfer of assets, enforcement of security interests, and recovery of property. However, the supply of goods and essential services to the Corporate Debtor was to continue during the moratorium period. This comprehensive analysis highlights the key legal aspects and outcomes of the judgment delivered by the National Company Law Tribunal, Ahmedabad Bench, addressing the issues related to insolvency proceedings and debt recovery under the Insolvency and Bankruptcy Code, 2016.
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