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TMI Blog2017 (7) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... rofessional. Admission a declaration of moratorium is given in terms of Section 13(1) of the Code. The Interim Insolvency Professional shall comply with the provisions of Sections 13(2), 14, 15, 17 & 18 etc. of the Code. The directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor is expected to extend all assistance and cooperation to the Interim Resolution Professional as stipulated by Sections 19 and 20 etc of the Code. - C.P. NO. 16 of 2017 - - - Dated:- 24-5-2017 - MR. M.M. KUMAR, AND R. VARADHARAJAN, JJ. ORDER 1. This petition was originally filed in the Hon'ble High Court of Delhi under Section 433(e), 434(1)(a) and 439 of the Companies Act, 1956. On th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mit all information required for admission of the petition under Sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed Insolvency professional to the National Company Law Tribunal. Initially a period of sixty (60) days was fixed from the date of the notification i.e. 07.12.2016. However, vide notification dated 28.02.2017 the period of sixty (60) days has been extended to six (6) months from 7.12.2016. 3. This petition was listed after transfer vide order dated 13.1.2017 passed by the Learned Company Judge of the Hon'ble High Court of Delhi. Accordingly, the matter was listed for hearing before us on 16.03.2017 when time for two weeks was granted to furnish necessary information under the Code in accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erested in joining the proceeding and therefore, proceeded ex parte. 5. Brief facts of the case necessary for disposal of the controversy raised in the application are that the applicant company (for brevity the 'Operational Creditor') was incorporated under the Companies Act, 1956 with its registered office at Delhi. Likewise, respondent company (for brevity 'Corporate Debtor') was incorporated on 28.8.1990 under the Companies Act, 1956. It also has its registered office at Delhi. From the period 25.04.2015 to 22.07.2015 the applicant company supplied in the usual course of business and as per the requirement of respondent company alloy steels at its various units in various quantities. The supplies were made at the requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order to enable the 'Operational Creditor' to file a petition under Sections 433(e), 434(l)(a) and 439 of the Companies Act, 1956, a statutory notice was issued under Section 433 of the Companies Act, 1956 but the same was not replied. 6. As stated above the petition was initially filed in the Hon'ble High Court of Delhi and the applicant has filed compliance affidavit dated 17.04.2017 and it has complied with all the requirements of the Code. A perusal of the affidavit shows that condition concerning default amount stand fulfilled. As per the requirement of the Code the minimum amount of default has to be Rs. One Lac before moving this Tribunal. The applicant also has met the requirement of Section 5(20) and 5(21) of the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor relating to a dispute of unpaid operational debt has been given. A copy of the certificate from the financial institution maintaining the accounts of the operational creditor has also been complied with. We are further of the view that the amount to tax liability which the 'Corporate Debtor' owe is covered by expression 'operational debt' as defined by Section 5(21) of the Code which reads as under:- operational debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority; A perusal of the aforesaid pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en delivered as per the tracking report on 18.03.2017. A copy of the certificate dated 29.03.2017 satisfying the requirement of Section 9(3)(c) of the Code has also been placed on record along with affidavit as postulate by Section 9(3)(b) of the Code stating that the Corporate Debtor has not sent any notice with regard to raising of dispute to the unpaid operational debt. A copy of the bank statement has also been placed on record in satisfaction of the provisions of Section 9(3) of the Code. 9. We are thus satisfied that the Operational Creditor has been able to show that the Operational Debtor owes the operational debt to it and there is a default committed by the operational debtor. The application satisfied all the requirements of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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