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TMI Blog2018 (1) TMI 442X X X X Extracts X X X X X X X X Extracts X X X X ..... er the provisions of IBC, 2016. Since the Operational Creditor has failed to name an Interim Resolution Professional (IRP) in Part 3 of the Application as filed before this Tribunal, in terms of the provisions of Section 16 of IBC, 2016 this Tribunal makes a reference to the Insolvency and Bankruptcy Board of India (IBBI) for recommendation of the name of an IRP subject to the condition that no disciplinary proceedings are pending against such an IRP named who may act as an IRP in relation to the CIRP of the Corporate Debtor. Application/Petition stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this date. A copy of the order shall be communicated to the Operational Creditor as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Operational Creditor that a sum of ₹ 10,78,372/- is due from the Corporate Debtor as on 19.06.2017 and a demand notice was sent to the Corporate Debtor demanding payment in respect of unpaid operational debt due from the Corporate Debtor. The demand notice was sent in Form-3, as prescribed under Rule 5 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity called as AAA Rules ) and that invoices were also attached based on which the payments remained outstanding giving rise to the demand as made by the Operational Creditor. It is stated by the Operational Creditor that the said demand notice dated 19.06.2017 was duly delivered to the Corporate Debtor on 23.6.2017. In addition to the service of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances, it is represented by the Ld. Counsel for the operational Creditor that the Corporate debtor is a fit case against whom CIRP is to be initiated as contemplated under the provisions of IBC, 2016. 4. The above Petition came to be listed before this Tribunal on 28.8.2017 and on subsequent dates thereafter. This Tribunal vide order dated 05.09.2017 directed the Operational Creditor to file proof of service of notice of default issued under Section 8 of IBC, 2016. In addition, the Petitioner/Operational Creditor was also directed to file the proof of service of advance copy of the application upon the Corporate Debtor at its registered office address. Pursuant to the said order, Ld. Counsel for the Petitioner has filed an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made available in the Data file of the Corporate Debtor maintained by MCA and as per the said financial statement it is seen that the Company namely Corporate Debtor has suffered losses, as per the report of the Directors and as disclosed in the profit and loss account of the Company for the year ended 31.3.2015 and as duly certified by its auditors. In relation to the transactions which had given rise to the debt, Operational Creditor has enclosed sales invoices at page nos. 13 to 16 of the typed set. In addition to the sales invoices as per the directions of this Tribunal, an additional affidavit has also been filed by the Operational Creditor dated 26.9.2017 wherein account statement of the Corporate Debtor as reflected in the books of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te service of notice and thus an opportunity having been given to the Corporate Debtor to defend its cause by way of compliance with the principles of natural justice mandated to be adhered to by this Tribunal, the Corporate Debtor has not availed the opportunity given and from the facts averred and the documents placed before this Tribunal, this Tribunal is of the considered view that this is a fit case for admitting the application as filed by an Operational Creditor for initiation of Corporate Insolvency Resolution Process, as contemplated under the provisions of IBC, 2016. Since the Operational Creditor has failed to name an Interim Resolution Professional (IRP) in Part 3 of the Application as filed before this Tribunal, in terms of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. The duration of the period of moratorium shall be as provided in Section 14(4) of IBC, 2016 and for ready reference reproduced as follows:- (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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