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TMI Blog2019 (10) TMI 1154X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional and has left it to the discretion of naming one by this Tribunal as such an option is available to us. 2. Brief facts necessary for disposal of the controversy raised in the instant petition are that the petitioner is claimed to have supplied goods and the total outstanding on that account towards Operational Creditor is claimed to be INR 1,82,97,880/- (Rupees One Crore Eighty Two Lakhs Ninety Seven Thousand Eighty Hundred and Eighty Only) including interest on principal debt as on 01.12.2018. The details of the invoices have been given in Form-5 as prescribed under Rule 6 (1) of the Rules, 2016, which have also been annexed with the petition. The petitioner sent a demand notice dated 01.12.2018, to Corporate Debtor under Section 8 of the Code along with the invoices in Form-3 as prescribed under Rule 5 (1) (a) of the Adjudicating Authority Rules, 2016. It was claimed that the aforesaid amount was due and payable. 3. In response a reply to the notice has been sent by the Corporate Debtor and the principal stand taken is that the petitioner is not an Operational Creditor of Corporate Debtor- M/s. Royal Kitchen Appliances Private Limited as no operational d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been shown to be outstanding by the Corporate Debtor in its ledger from 01.07.2015 to 31.03.2016. The matter does not end here. The Corporate Debtor has made payment on 17.02.2017, and 18.02.2017 to the Operational Creditor-petitioner through Oriental Bank of Commerce and the balance amount struck is INR 1,44,08,140.00/-. The aforesaid position is set out below in the form of a table: "ROYAL APPLIANCES (15-16) KHASRA NO.- 15/6/1, VILLAGE JOSHIJAT, SONEPAT ROAD, BAHALGARH, DISTT. SONEPAT-131021 HARYANA LEDGER (From 1-4-2015 to 30-6-2015) Account : OYSTER STEEL & IRON PRIVATE LIMITED Date Type Vch No. Particulars Debit (Rs.) Credit (Rs.) Balance (Rs.) 01-04-2015 Opening Balance 1,51,58,140.00 1,51,58,140.00 Cr. Total 0.00 1,51,58,140.00 Credit Balance 1,51,58,140.00 Grand Total 1,51,58,140.00 1,51,58,140.00 ROYAL KITCHEN APPLIANCES PVT. LTD. KHASRA NO.- 15/6/1, VILLAGE JOSHIJAT, SONEPAT ROAD, BAHALGARH, DISTT. SONEPAT-131021 HARYANA-131021 India, CIN No. U74140DL2014PTC269420 LEDGER (From 1-7-2015 to 31-3-2016) Account : OYSTER STEEL & IRON PRIVATE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor. 6. Confronted with the aforesaid factual position, learned counsel for the Respondent has drawn our attention to averments made in paras 3 & 4 to argue that on the asking of the petitioner it has paid all the dues of Royal Appliances-the proprietorship firm to M/s. Laxmi Wire Netting and Weaving Factory as the petitioner owed huge amount to M/s. Laxmi Wire Netting and Weaving Factory. The case of the Respondent is that the amount owed by the petitioner has now been adjusted having been paid to the Creditor of the petitioner M/s. Laxmi Wire Netting and Weaving Factory. In that regard some adjustment entries have been relied upon. 7. We repeatedly asked learned counsel for the Respondent that is there any resolution passed by the Operational Creditor authorizing the Corporate Debtor to discharge its liability by paying the dues of M/s. Laxmi Wire Netting and Weaving Factory. We also solicited answer to another query with regard to the resolution passed by the Corporate Debtor accepting the assignment of the petitioner's loan to be paid by it. It is well settled that companies do not act orally and the board resolution is the only way to transact the business of a company. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t him nor anything else has been pointed out with regard to his antecedents by IBBI. He shall file his written communication in accordance with Rule 9 of Adjudicating Authority Rules, 2016, and all relevant paper immediately before the Registrar of this Tribunal but not later than two days. 10. As a sequel to the above discussion, this petition is admitted and Mr. Sandeep Jain is appointed as an Interim Resolution Professional. 11. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 9 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 12. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) and thus the following prohibitions are imposed which must be followed by all and sundry: "(a) the institution of suits or continuation of pending suits or proceedings against the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional/Resolution Professional shall be under a duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code. 15. Directions are also issued to the Ex-Management/Auditors etc. to provide all the documents in their possession and furnish every information in their knowledge as required under Section 19 of the Code to the Interim Resolution Professional within a period of one week from today otherwise coercive steps to follow. 16. We direct the Operational Creditor to deposit a sum of Rs. 2 lac with the 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 be subject to adjustment by the Committee of Creditors. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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