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TMI Blog2018 (2) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... udicating Authority. Interim Resolution Professional has filed necessary declaration in accordance with the IBBI Regulations and the provisions of the Code. In pursuance of Section 13 (2) of IBC we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of IBC. We also declare moratorium in terms of Section 14 of IBC. The consequences of imposing the moratorium flows from the provisions of Section 14(1)(a),(b),(c) 8 & (d). - (IB)-295(PB)/2017 - - - Dated:- 8-1-2018 - MR. M.M. KUMAR AND MS. DEEPA KRISHAN, JJ. For The Operational Creditor : Mr. Abhinav Mukerji And Mr. Siddharth Garg, Advocates JUDGMENT M.M. Kumar, Pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e agreement. The scope of service as given in Annexure-A are as under:- Recruitment of the associates Payroll management of the associates To maintain their compliance Exit process To take care of their reimbursement post payment of the client. Copies of the agreement dated 04.06.2015 and addendum agreement dated 27.05.2016 have been placed on record as Annexure-V Annexure-VI. 4. It is also averred by the Operational Creditor that in terms of the aforesaid agreement, the Corporate Debtor was under an obligation to reimburse the amount every month for the cost of the above mentioned services to the Operational Creditor in terms of Annexure-B of the agreement. The cost of the services as per Annexure-B was to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he months of July and August, 2016 and same has been due since July, 2016. It has been stated by the Operational Creditor that default occurred since the Corporate Debtor failed to make payment of invoices raised by it in July, August and September, 2016. 7. The Operational Creditor then attached the emails exchanged between the Operational Creditor and Corporate Debtor whereby the Corporate Debtor admitted the debt. Copies of the emails have been placed on record as Annexure-VII. 8. The Operational Creditor had sent a demand notice in respect of unpaid operational debt which is dated 05.05.2017. It appears to have been sent by speed post on 16.05.2017. The demand notice has been duly delivered on 22.05.2017 to the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be necessary to examine the definition of the expressions Operational Creditor and Operational Debt given in Section 5 (20) (21) of the Code and the same is set out below:- Section 5 (20) (21 ) (20) operational creditor means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; (21) 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. Operational Creditor is a person inter alia, to whom operational debt is owe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n a copy of the certificate from the financial institution/bank maintaining accounts of the Operational Creditor has been filed to satisfy the requirement of Section 9(3)(c) of the Code. 12. The Operational Creditor has failed to name anyone as Interim Resolution Professional and has requested us to appoint an Interim Resolution Professional. 13. As a sequel to the above discussion, this petition is admitted. 14. The Insolvency and Bankruptcy Board of India vide its letter dated 01.01.2018 has recommended a panel of Insolvency Professionals for appointment as Insolvency Resolution Professional in compliance with Section 16(3)(a) of the Code in order to cut delay. The list of recommended Insolvency Professionals provides instant sol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 16. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or serv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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