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TMI Blog2020 (3) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... ging the existing debt and liability was of ₹ 22,78,708/-. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. It has been proved beyond doubt that the corporate debtor has failed to make payments of the aforesaid amount due as mentioned in the statutory notice till date. As a statutory requirement under section 9(3)(c) of the Code, an affidavit dated 03.04.2019 has been placed by the operational creditor stating that no notice is given by the respondent-corporate debtor in terms of Section 8(2)(a) of the Code and the corporate debtor has not brought the notice the existence of any dispute in relation to the unpaid operational debt - It is also observed that the conditions under section 9 of the Code stand satisfied. The applicant-operational creditor states that the liability of the respondent-corporate debtor is undisputed. The petition for initiation of the CIRP process is admitted - moratorium is declared. - CP (IB) NO. 254/CHD./HRY/2019 - - - Dated:- 6-12-2019 - Ajay Kumar Vatsavayi, Judicial Member And Pradeep R. Sethi, Technical Member Rahul Srivastava, Adv. for the Petitioner. Anshul Sharma, Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor undertook to repay the said amounts. In this regard, the operational creditor addressed an email dated 28.02.2018 to the corporate debtor confirming the understanding between the parties that the corporate debtor would repay the entire amounts and acknowledging the receipt of the cheques issued by the corporate debtor in that regard. In response, the corporate debtor addressed an e-mail dated 08.03.2018 confirming that they had issued 2 cheques amounting to ₹ 18,55,543/- towards payment of dues. However, both the cheques were dishonoured due to insufficiency of funds upon representation and the same was communicated to the corporate debtor. 5. Accordingly, the corporate debtor furnished a copy of the ledger account maintained by it in respect of the transactions with the operational creditor certifying the amounts due and payable and undertook to clear all dues with interest at the earliest. It is to be noted that the said ledger account clearly shows the total amount due as ₹ 22,78,208/- and the corporate debtor issued four cheques between the period 11.06.2018 and 02.07.2018 for the aggregate sum of ₹ 22,78,708/- towards discharge of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 364 365, Nehru Ground, NIT, Faridabad, Haryana - 121001. Also, the postal receipts alongwith the tracking reports showing successful delivery of the notice are found to be attached with Annexure H of the petition. Therefore, the statutory demand notice was duly delivered upon the corporate debtor. 13. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The respondent in its reply dated 27.09.2019, wherein it is specifically stated in Para No. 8 that as per the ledger account maintained by the respondent-corporate company in respect of the petitioner was certified and provided to applicant on 26.06.2018 acknowledging the existing debt and liability was of ₹ 22,78,708/-. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. 14. The provisions of section 9(5)(i) of the Code are as follows:- (5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order- (i) admit the application and communicate such decision to the operational creditor and the corporate debtor if,- (a) the application made under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditor and the corporate debtor is marked as Annexure J of the petition and the perusal of the agreement clearly shows the contractual agreement between the operational creditor and the corporate debtor. It is to be noted that the respondent in its short reply has admitted its liability towards the operational creditor but has objected to the calculation of the interest, claiming to be on the higher side. Thus, there is no dispute as to liability between operational creditor and corporate debtor. 17. It has been proved beyond doubt that the corporate debtor has failed to make payments of the aforesaid amount due as mentioned in the statutory notice till date. As a statutory requirement under section 9(3)(c) of the Code, an affidavit dated 03.04.2019 has been placed by the operational creditor stating that no notice is given by the respondent-corporate debtor in terms of Section 8(2)(a) of the Code and the corporate debtor has not brought the notice the existence of any dispute in relation to the unpaid operational debt. 18. It is also observed that the conditions under section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der for liquidation of corporate debtor under Section 33 as the case may be. 23. Under sub-section (4) of section 9 of the Code, the operational creditor may propose the name of Resolution Professional to be appointed as Interim Resolution Professional but it is not obliged to do so. In the instant case also, the operational creditor has not proposed the name of any Resolution Professional to be appointed as Interim Resolution Professional. Section 16(3)(a) of the Code says that where the application for Corporate Insolvency Resolution Process is made by an operational creditor and - (a)no proposal for an interim resolution professional is made,the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional; (b). ** ** ** 24. Sub-section (4) of section 16 says that the Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (3), recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. 25. In this regard a lette ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; (v) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; (vi) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days of filing the report of constitution of the Committee; and (vii) The Inte ..... 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