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TMI Blog2019 (4) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... efault. Therefore there are grounds to admit the petition. The Operational Creditor proposes the name of Ms. Shri Sunit Jagdishchandra Shah, as Interim Resolution Professional. The proposed IRP has given written consent in Form-2 vide memo. He has also certified there are no disciplinary proceedings pending against him either with the Board or ICSI. He has enclosed certificate of Registration - The Adjudicating Authority is satisfied that the Corporate Debtor failed to discharge its liability mentioned in the Petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), resulting occurrence of default for an amount of ₹ 74,17,215/-. The Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code - petition admitted. - CP(IB) No. 231/9/HBD/2018 - - - Dated:- 21-2-2019 - SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) For The Petitioner : Sachin Sinha, PCS and Harsh S. Raval, Adv. For The Corporate debtor : Ms. Suman Bijarnia, PCS ORDER 1. This petition is filed by, M/s. Artha Energy Resources LLP, who is the Operation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commission basis, with respect to various solar projects. b. It is averred that Operational Creditor has failed to provide any specific agreement or evidence which establishes that any such service as mentioned in MoU is provided by Operational Creditor and corporate debtor is liable to pay any amount to Operational Creditor. c. It is averred that the Operational Creditor has no Locus Standi to file the claim against corporate debtor. It is submitted that all the invoices were raised in the name of Photon Solar which is not party to the case and it clearly established that Operational Creditor is not an operational creditor as defined in IBC. It is pertinent to note the invoices attached with the application, were raised for 5Mv project wherein in the Form -V the applicant claims for 8.5Mv Project which clearly established that applicant has no genuine claim. d. Corporate debtor submits that documents submitted by the Operational Creditor chinchinly establish that, it has no right for payment against the invoices raised. As and when there is no right of payment against invoices raised by the Operational Creditor and where the debt in the application itself is disputed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leads for grid connected projects independently at its end on behalf of corporate debtor. 6. A Memorandum of Understanding (MoU) dated 28.07.2014 was entered into with corporate debtor. The case of operational creditor that it had rendered services to the corporate debtor in terms of MoU and raised invoices. The Operational creditor filed invoices. 7. The case of operational creditor default occurred on 15.01.2016, 16.04.2016 and 11.05.2016. The total amount of default is ₹ 74,17,215/-. The further case of operational creditor it has addressed several emails to the corporate debtor demanding payment. The correspondence through emails are filed wherein operational creditor was demanding payment for the services rendered. 8. The details of default and the dates of invoices and the amount claimed therein are shown in the letter dated 18.07.2017 addressed by operational creditor to the corporate debtor. 9. The operational creditor also relied on one more letter addressed to corporate debtor dated 13.06.2017. The operational creditor relied on demand notice in Form-3 dated 21.02.2018. Invoices were attached to the demand notice. 10. It is the case of operational cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing invoices which are shown as Annexure-B at Pg.No.10-25 of the application. PCS contended that there is no reply for the said demand notice. The invoices are enclosed. Thus corporate debtor committed default in paying the operational debt shown in demand notice dated 22.02.2018. Therefore operational creditor filed present application under Sec 9 of I B Code to trigger CIRP against corporate debtor. The contention of PCS for operational creditor that both operational creditor and corporate debtor entered into MOU dated 28.07.2014 and operational creditor provided services to the corporate debtor in terms of MOU. The operational creditor never raised any dispute. 17. PCS contended that corporate debtor approached operational creditor for choosing investor for Medak Solar Project. The operational creditor submitted the project to Nereus Capital Investments Private Limited and on the efforts of operational creditor it agreed to invest in the project. 18. PCS contended operational creditor played prominent role in entering into agreement between Nereus Capital Investments Private Limited and corporate debtor thus operational creditor provided services to the corporate debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e no disciplinary proceedings pending against him either with the Board or ICSI. He has enclosed certificate of Registration. 23. The Adjudicating Authority is satisfied that the Corporate Debtor failed to discharge its liability mentioned in the Petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), resulting occurrence of default for an amount of ₹ 74,17,215/-( Seventy Four Lakhs seventeen thousand two hundred and fifteen). 24. Hence, the Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions:- a) The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; Transferring , encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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