9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 499 - 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 - Service of notice - HELD THAT - Notice was issued to the Corporate Debtor vide order dated 19.11.2020 of the Adjudicating Authority. Further, it has been observed that neither a reply to the Section 9 application was filed by the Corporate Debtor nor has the Corporate Debtor ever appeared before the Adjudicating Authority - the Corporate Debtor in its reply to the Demand Notice dated 23.01.2020 has raised various disputes which arose before the issuance of the Demand Notice, however the Corporate Debtor has never appeared before the Adjudicating Authority to support its claim therefore, vide order dated 15.12.2020 the Corporate Debtor was proceeded ex-parte. Time Limitation - HELD THAT - The date of default is 27.09.2019 which is the date of the last invoice issued which was unpaid, and the present application is filed on 16.02.2020. Hence the application is not time barred and filed within the period of limitation. Jurisdiction - HELD THAT - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. The Application filed by the Operational Creditor is complete in all respect. This authority is satisfied that an amount of ₹ 63,36,049/- towards unpaid invoices for the material supplied by the Operational Creditor, is due and payable by the Corporate Debtor to the Operational Creditor, which it failed to pay. Moreover, after reply to the Section 8 notice, the Corporate Debtor has not appeared to defend this application giving rise to the presumption that the case of the Applicant is to be admitted - Application admitted - moratorium declared.
Issues:
- Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency process. - Claim of unpaid invoices by Operational Creditor against Corporate Debtor. - Disputes raised by Corporate Debtor in response to the demand notice. - Jurisdiction of the Tribunal to entertain the application. - Timeliness of the application. - Appointment of interim resolution professional. - Imposition of moratorium under Section 14 of the Code. - Direction for deposit by the Applicant for immediate expenses. - Communication and compliance requirements post-order. Analysis: 1. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the Operational Creditor against the Corporate Debtor for unpaid invoices totaling to ?63,36,049. The Operational Creditor, engaged in the sale and installation of equipment, alleged non-payment by the Corporate Debtor despite reminders and a demand notice issued under the Code. 2. The Corporate Debtor, engaged in building installation, contested the claims stating issues with the work order, project delays, and poor quality work. Disputes regarding after-sales services and payment of bills were raised by the Corporate Debtor, leading to a lack of resolution between the parties. 3. The Tribunal found that the application was within the period of limitation and had jurisdiction to entertain the matter since the registered office of the Corporate Debtor was in Delhi. The Corporate Debtor failed to respond to the application or appear before the Tribunal, resulting in an ex-parte proceeding against them. 4. Considering the facts and material on record, the Tribunal admitted the application, ordering the commencement of the Corporate Insolvency Resolution Process. An interim resolution professional was appointed to oversee the process and submit a report within 30 days, as mandated by the Code. 5. A moratorium was imposed under Section 14 of the Code, restricting various actions against the Corporate Debtor's assets. The Applicant was directed to deposit ?2 lakhs to cover immediate expenses, which would be reimbursed as part of the costs of the Corporate Insolvency Resolution Process. 6. Post-order, communication and compliance requirements were outlined, including the dissemination of the order to the parties involved, the appointed IRP, IBBI, and ROC for record-keeping and updates. The application was allowed and disposed of in accordance with the Tribunal's order.
|
