9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (12) TMI 1238 - 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 - HELD THAT - The petitioner has filed its bank statement (Annexure 5) that the amount claimed or any part thereof, the petitioner has neither received nor had any person, on its behalf who received in any manner the amount due towards Corporate Debtor as required under Section 9(3)(c) of I B Code nor received any notice of dispute raised by the corporate debtor under Section 9(3)(b) of the IBC, 2016 - The registered office of corporate debtor is situated in Bathinda, Punjab and therefore this Tribunal has jurisdiction to entertain and try this petition. The default occurred from 24.08.2017 and the petition is filed on 06.06.2019, hence the debt is not time barred and the petition is filed within the period of limitation - the present petition is complete and the petitioner is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt. Petition admitted - moratorium declared.
Issues:
1. Initiation of Corporate Insolvency process under Section 9 of IBC, 2016 against a Corporate Debtor for non-payment of dues. Analysis: The petition was filed by M/s R.K. Satyam Dyes & Chemicals, a Proprietorship concern, seeking to initiate the Corporate Insolvency process against M/s Alaska Fabtech Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner, engaged in trading of Dyes & Chemicals, claimed that various chemicals and dyes were supplied to the Corporate Debtor, resulting in an outstanding amount of ?1,88,150. Despite issuing a demand notice under Section 8 of the IBC, 2016, the Corporate Debtor neither disputed the claim nor made any payment towards the dues. The petition was filed within the limitation period, establishing the default in payment by the Corporate Debtor. The Tribunal noted the absence of the Corporate Debtor and the forfeiture of the right to file a reply, leading to an ex parte hearing. The petitioner provided evidence that the amount claimed was not received, and no notice of dispute was raised by the Corporate Debtor. The Tribunal found the petition complete and uncontroverted, confirming the default in payment by the Corporate Debtor. Consequently, the petition was admitted under Section 9(5) of the IBC, 2016. In appointing an Interim Resolution Professional (IRP), the Tribunal referenced the Insolvency and Bankruptcy Board of India's list and appointed Mr. Subhash Saini as the IRP. Various directions were issued to the IRP, including the suspension of the Board of Directors' powers, preparation of an asset inventory, and constitution of a Committee of Creditors. The IRP was mandated to send progress reports regularly and manage the affairs of the Corporate Debtor as per the Code's provisions. Furthermore, the Tribunal directed the Operational Creditor to deposit ?20,000 with the IRP to cover expenses. The order highlighted the importance of cooperation from the Corporate Debtor, its directors, and management with the IRP. The Tribunal also referred to relevant legal provisions and Supreme Court observations regarding the requirements for admitting a petition under Section 9 of the IBC, emphasizing the completion of the petition and the default in payment by the Corporate Debtor. Finally, the Tribunal declared a moratorium under Section 14(1) of the IBC, 2016, prohibiting certain actions against the Corporate Debtor. The order was communicated to all relevant parties, including the Petitioner, Corporate Debtor, and the appointed IRP, with copies forwarded to regulatory authorities for compliance and record-keeping purposes.
|
