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TMI Blog2019 (8) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... ections 141 and 142 of the Negotiable Instruments Act, 1881 is pending consideration before the Patiala House Court, New Delhi and therefore there is an existence of a dispute. The default stands established and there is no reason to deny the admission of the petition. Petition admitted - moratorium declared. - C.P. No. IB-867(PB)/2019 - - - Dated:- 8-8-2019 - (RTD.) M.M. KUMAR, PRESIDENT AND SHRI S.R. MOHAPATRA MEMBER (TECHNICAL) For The Petitioner : Mr. S.P. Singh Chawla, Advocate For The Respondent : Mr. PBA Srinivasan, Mr. Avinash Mohapatra, Advs ORDER M. M. KUMAR, PRESIDENT The Petitioner claiming to be operational creditor has filed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given the details of the total amount of the debt along with the dates of disbursement. In Column 2 of Part-IV of the Application the Operational Creditor has mentioned the amount claimed in default and the date of the default. 6. In Part V of the Petition the Operational Creditor has mentioned the invoices, bank statements, emails and other related documents under which the operational debt has become due. The petitioner has also placed on record a copy of the certificate from the statutory auditor stating that no payment has been made in respect of the operational debt claimed (Annexure-6). 7. It s further submitted by the petitioner - operational creditor that it had served a demand notice to the respondent- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thereby we hold that the pendency of the case under Section 138/441 of Negotiable Instruments Act, Actually Amount to admission of debt and not an existence of dispute A copy of the cheque has also been placed on record in the rejoinder filed by the petitioner-operational creditor (Annexure- I ). 9. Therefore, the default stands established and there is no reason to deny the admission of the petition. It is needless to say that if any payment has been made that would be looked into by the Resolution Professional. In view of the above this Tribunal is inclined to admit this petition and accordingly initiate the process of CIRP of the Respondent- Corporate debtor. The Petitioner has proposed the name of the insol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interim Resolution Professional to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Operational Creditor. The amount however is subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the Operational Creditor. 13. Directions are also issued to the ex-management to provide all documents in their possession and furnish every information in the knowledge within a period of one week from the admission ..... X X X X Extracts X X X X X X X X Extracts X X X X
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