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TMI Blog2018 (11) TMI 1103X X X X Extracts X X X X X X X X Extracts X X X X ..... um, freezing of account, and all other order (s) passed by the Adjudicating Authority pursuant to impugned order and action, if any, taken by the 'Interim Resolution Professional', including the advertisement, published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by Respondent under Section 9 of the 'I&B Code' is dismissed. Learned Adjudicating Authority will now close the proceeding. The 'Corporate Debtor' (company) is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. The Adjudicating Authority will fix the fee of 'Resolution Professional', and the 'Corporate Debtor' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The main plea taken by the Appellant is that there is an 'existence of dispute' and the claim also is barred by limitation and there is delay and laches; therefore, the application was not maintainable. 3. Learned counsel appearing on behalf of the Respondent- ('Operational Creditor') submitted that there was no 'existence of dispute' and the record in Form-5 being complete, and taking into consideration the fact that there is a debt and default, the Adjudicating Authority rightly admitted the application. 4. Admittedly, the Respondent- ('Operational Creditor') was an employee of 'M/s. Aruna Hotels Limited'- ('Corporate Debtor'). He claimed arrears in salary from 1998 to till his retir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For ARUNA HOTELS LTD. Director No. 141 145 Sterling Road. Nungambakkam. Chennai- 600 034 Ph 044-3988 4422. Fax: 044-3041 4999 Email: [email protected]. ARUNA HOTELS LIMITED CIN LI5421TN 960PLC004255 When the Management was handed over the Erstwhile Managing Director has handed over the entire Book of records and Accounts including the Creditor/Debtor List. Whereas, Mr. Sivaram, Erstwhile Managing Director has submitted the balance sheet and Annual Report for Aruna Hotels Limited for the years 2000 onwards and the said Managing Director Mr. M Sivaram has not given details about your salary in the annual report as per section 217 of the companies act read with the companies (particula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iginals copy of the letter dated 01.02.1998 to check the authenticity. (d) Originals copy of the letter dated 30.09.2006 to check the authenticity. (e) Originals copy of the letter dated 31.03.2014 to check the authenticity. (f) Originals copy of the letter dated 30.09.2014 to check the authenticity. Further in respect of your demand and the letters relied upon by you, we have issued the enclosed notice to the then Managing Director Mr. Sivaram seeking his clarification as the Annual Reports submitted by him does not correlate with the letters issued by him to you. This is for your reference and once we receive the explanation from him, a further reply shall be sent to you. There are no documents to substantiate you ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor' was under the control of erstwhile management. After takeover by present management, on the basis of record the 'Corporate Debtor' intimated the Respondent that nothing was due except the gratuity amount. It was brought to our notice that the 'Employees Provident Fund Organisation', Chennai by letter dated 13th April, 2016 intimated the 'Corporate Debtor' that the claim of the Respondent- ('Operational Creditor') has already settled which is as follows: EMPLOYEES PROVIDENT FUND ORGANISATION NO. 37, ROYAPETTAH HIGH ROAD, OPPOSITE SWAGAT HOTEL, CHENNAI TAMIL NADU, 600014 Region: CHENNAI Office: CHENNAI No: TN/XAS/145/REJECTION/Dated: 13/04/2016 To ARUNA HOT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the scheme under Section 8 where an operational creditor is, on the occurrence of a default, to first deliver a demand notice of the unpaid debt to the operational debtor in the manner provided in Section 8(1) of the Code. Under Section 8(2), the corporate debtor can, within a period of 10 days of receipt of the demand notice or copy of the invoice mentioned of a dispute or the record of the pendency of a suit or arbitration proceedings, which is pre-existing- i.e. before such notice or invoice was received by the corporate debtor. The moment there is existence of such a dispute, the operational creditor gets out of the clutches of the Code. 9. In the present case as we find that there is an 'existence of dispute' about ar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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