9911796707
TMI Blog2017 (4) TMI 1399X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Debtor" who had defaulted ln payment of professional services of Rs. 2,29,345/- and also defaulted in payment of Advisory Services Charges of Rs. 38,4,389/. ln this Affidavit the Petitioner has affirmed that he had tried to serve the Petition (Form No. 5) to the Operational Debtor on 21st March,2007. Through the said Affidavit it is stated that the Petitioner tried to serve by hand but the Directors of the Operational Debtor refused to take the delivery. The Petitioner has also attempted to serve the Petition through "Registered Post", details are as under:- a. Vide Postal Receipt No. EM7224280951N dated 22/03/2017 to Magna opus Hospitality Private Limited, A415/417, Vashi Plaza, Eector-l7, Vashi, Navi Mumbai - 400703. b. Vide Post ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4/2017 before the Bench with copies of Demand Notice in Form 3 and Form 4 of NCLT and the copy of Petition in Form 5 along with the annexure through Speed Post Registered Letter on 1st April,2017 vide receipt and the speed post track report is attached with the affidavit." 05. Under the circumstances when the "Operational Debtor" had chosen not to defend by not responding any of the Notices it is hereby held that he had nothing to say in defence. 06. The Operational Creditor has stated that being a Chartered Accountant he had provided Professional Services and the impugned amount outstanding against the "Operational Debtor" is in the nature of "Professional Fees". The first question which is raised during the course of hearing is whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other energy' boarding or lodging or both, housing construction, entertainment, amusement or the purveying of news or other information, but does not include the rendering of any service free of charge. This term "Service" has also been defined that any activity carried out by a person for another, for consideration. 08. Without going much in detail as also keeping brevity in mind I hereby hold that a Professional Service provided by a Chartered Accountant definitely fall under the expression "Services" as incorporated in the definition of "Operational Debt' U/s 5(21) of the Code. Once it ta hereby held that the impugned debt falls within the ambits of "Operational Debt" hence to be adjudicated under the provisions of Section 8 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hole or any part or installment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case may be. 11. Once it is established as per the foregoing paragraphs that there was an existence of 'Default' then the provisions of section 8 of the code shall come into operation. It is prescribed that an operational creditor on occurrence of a default deliver a Demand Notice of unpaid operational Debt or copy of an invoice demanding payment of the amount involved in the default to the Corporate Debtor as prescribed. Although in Sub-Section (2) of Section 8 a Corporate Debtor is authorized to establish the existence of a dispute within a period of 1 0 days on the receipt of the Demand Not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective tilt completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under section 31 of the code. 14. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the Petitioner immediately as specified. 15. That the Interim Resolution Professional shall perform the duties as assigned under Section .18 of the Code and inform the progress o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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