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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 ..... re is also an affidavit filed by Mr. Abhimanyu Jaiswal in support of the contents of the application. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. SPG Global Distribution Private Limited (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated under the provisions of Companies Act, 2013 with authorized share capital of Rs. 1,00,00,000/- and paid up share capital of Rs. 47,96,750/-. The CIN of the respondent-corporate debtor is U52100HR2011PTC043937 and its registered office is situated in Faridabad in the State of Haryana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at page No. 27 of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the corporate debtor is a vendor of ZTE mobiles and the operational creditor is a distributor-retailer. The operational creditor was stated to be appointed as the super-stockist of the corporate debtor pursuant to which the corporate debtor was required to supply ZTE Mobiles to the operational creditor as per t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails dated 28.02.2018 and 08.03.2018, copy of cheques issued pursuant to e-mails, copy of authorization vide e-mail dated 12.12.2018,super stockist agreement between operational creditor and the corporate debtor. The postal receipts alongwith the tracking reports showing successful delivery of the demand notice are appended with Annexure H of the petition. 8. It is stated that the respondent-corporate debtor has failed to discharge its obligations towards the applicant-operational creditor, inasmuch as have failed to make the payment due to the applicant-operational creditor despite various correspondences. 9. Notice of this petition was issued to the Corporate Debtor on 06.06.2019.Mr. Anshul Sharma, the learned counsel filed memo of appearance on behalf of the respondent-corporate debtor. 10. The respondent has filed short reply vide Diary No. 5178 dated 27.09.2019, wherein it is specifically stated in Para No. 8 that as per the ledger account maintained by the respondent-corporate debtor in respect of the petitioner was certified and provided to applicant on 26.06.2018 acknowledging the existing debt and liability was of Rs. 22,78,708/-. 11. We have heard the learned counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application." 16. We have gone through the contents of the application filed in Form No. 5 and find the same to be complete. As discussed above, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of sub-section (1) of section 14 of the Code, as under:- (a) 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; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 21. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . IBBI/IPA-002/IP-N00782/2019-20/12479, Mobile No. 91679-44198, E-mail: [email protected] as the Interim Resolution Professional with the following directions: - (i) The term of appointment of Mr. Divyanshu Mishra shall be in accordance with the provisions of section 16(5) of the Code; (ii) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X
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