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TMI Blog2017 (12) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... iso to Rule 5 of the Transfer Rules, the application under Sections 433 and 434 of the Companies Act, 1956 stands abated. For the reasons aforesaid, declare that the application preferred by Respondent under Sections 433 and 434 of the Companies Act, 1956 stood abated. - Company Appeal (AT) (Insolvency) No. 117 of 2017 - - - Dated:- 17-11-2017 - Mr. A.I.S Cheema And Mr. S.J. Mukhopadhaya, JJ. For The Appellant : Mr. Akash Jandial and Mr. Kumar Dushyant Singh, Advocates For The Respondent : None JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J . The Appellant- Corporate Debtor has challenged the impugned order dated 19th June, 2017 passed by Adjudicating Authority (National Company Law Tribunal), Chennai Bench, Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ite of that the Respondent issued a legal notice on 7th September, 2013 through a lawyer calling upon the Appellant to pay the outstanding sum of ₹ 12,06,508/-. Thereafter, the Respondent filed a Company Petition under Sections 433 434 of the Companies Act, 1956 before the Hon ble High Court of Madras in C.P. No. 243 of 2015 claiming a sum of ₹ 12,06,508/- from the Appellant. 5. After constitution of the Tribunal and Adjudicating Authority, pursuant to the Notification No. G.S.R. 1119(E) dated 7th December, 2016, issued by Central Government under Section 434 of the Companies Act, 2013 read with Section 239 of the I B Code , the case was transferred to Adjudicating Authority, Chennai Bench and re-numbered as TCP/263/(IB)/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 relates to transfer of pending proceedings of winding up on the ground of inability to pay debts which are to be transferred from the Hon ble High Court s to the respective Tribunal and reads as follows: - 5. Transfer of pending proceedings of Winding up on the ground of inability to pay debts.- (1) All petitions relating to winding up under clause (e) of section 433 of the Act on the ground of inability to pay its debts pending before a High Court, and where the petition has not been served on the respondent as required under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Act, exercising territorial jurisdiction and such petitions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng, a demand notice under sub-section (1) of Section 8 is required to be issued on the Corporate Debtor , as quoted below: - 8. Insolvency resolution by operational creditor. - (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed. 13. It is only on receipt of such notice under sub-section (1) of Section 8 of the I B Code , the Corporate Debtor may either pay the amount or may dispute the claim in terms of sub-section (2) of Section 8 of the I B Code . 14. Clauses (a) and (b) of sub-rule (1) of Rule 5 of the Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor is also required to state his position with or in relation to the Operational Creditor , meaning thereby the person authorised by Operational Creditor must hold position with or in relation to the Operational Creditor and only such person can apply. 31. The demand notice/invoice Demanding Payment under the I B Code is required to be issued in Form-3 or Form - 4. Through the said formats, the Corporate Debtor is to be informed of particulars of Operational Debt , with a demand of payment, with clear understanding that the Operational Debt (in default) required to pay the debt, as claimed, unconditionally within ten days from the date of receipt of letter failing which the Operational Creditor will initiate a Corporate Insolvency Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant accounts from the banks/financial institutions maintaining accounts of the operational creditor confirming that there is no payment of the relevant unpaid operational debt by the operational debtor, if available. Annex IV Affidavit in support of the application in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Annex VI Written communication by the proposed interim resolution professional as set out in Form 2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Annex VI Proof that the specified application fee has been paid. 17. Admittedly, no notice was issued under sub-section (1) of Section 8 of the I B Code . In terms with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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