9911796707
TMI Blog2017 (7) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of Section 5(1) of the Insolvency and Bankruptcy Code, 2016. A further notification for transfer of all such petitions pending before the High Court was issued on 07.12.2016. The cases where notice of the petition has not been served, have consequently been transferred by the High Court to this Tribunal. Accordingly, in pursuance of notification dated 07.12.2016 (notification No. G.S.R. 1119(E)) the petition has been transferred to this Tribunal. 2. The 'Operational Creditor'-applicant was required to comply with the provisions of Rules known as Companies (Transfer of Pending Proceedings) Rules, 2016 (for brevity Transfer Rules'). According to rule 5 all petitions relating to winding up under clause (e) of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the matter for 2.5.2017 but it was. adjourned for the reason that the notices were not served on the respondent. The matter came up for hearing on 11.5.2017. 4. On behalf of the petitioner an affidavit of service has been filed showing that notice was sent along with a set of paper book on 11.05.2017 (Annexure-A) by email. A complete set of paper book was also sent through speed post (Annexure-B) which has been returned unclaimed on 6.5.2017 and attempt was made by the applicant on 8.5.2017 to serve the respondent by hand as per the direction issued by this Tribunal and the respondent refused to accept notice. On 9.5.2017 the applicant through its Marketing Head, Mr. Jitendra Singh served order dated 26.04.2017 issued by this Tribunal an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s tax invoices were raised by the applicant upon the 'Corporate Debtor' which amounted to a sum of Rs. 1,90,78,204/-. The aforesaid tax liability has been duly accepted by the 'Corporate Debtor' without raising any objection, whatsoever. Between the period 21.08.2015 to 29.12.2015 the 'Operational Creditor' approached the Corporate Debtor by sending several emails for the release of its outstanding payment and false commitment were made by the 'Corporate Debtor'. Eventually on 7.11.2015 a joint meeting was held between the parties when the statement of accounts as on 31.10.2015 were reconciled and signed by both the parties. A part payment was made by the respondent company on 05.01.2016 for a sum of Rs. 16,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 9(3)(b) has also been filed by the Operational Creditor deposing that there was no notice given by the Corporate Debtor to the Operational Creditor about the dispute of unpaid operational debt. As per the requirement of Section 9(3)(b) of the Code the affidavit has also been placed on record (Annexure A-10). The applicant has also declared on the basis of bank certificate dated 29.03.2017 that no payment of unpaid operational debt has been received from the Operational Creditor from the Corporate Debtor. The requirement of Section 9(3)(c) of the Code stands also fulfilled as a certificate to that effect dated 29.03.2017 has been placed on record (Annexure A-11). The statement of bank account where the deposits are made or credits rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ernment or any local authority as also regarded as operational debt. Accordingly, the debt is recoverable. Even the 20 cheques amounting of Rs. 1,74,72,445/- issued by Corporate Debtor in favour of the Operational Creditor in pursuance of joint meeting have been returned unpaid with the remarks 'funds insufficient' which also witness an acknowledgment of debt and non-payment of 'Operational Debt'. 7. Despite various efforts, the 'Corporate Debtor' has failed to appear before this Tribunal to defend his position and has been proceeded ex parte. 8. There is no opposition to the prayer made by the 'Operational Creditor' for initiation of Insolvency resolution process. A perusal of the record shows that before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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