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TMI Blog2020 (3) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... with mere statements made by parties but decide only based on the record before us. Therefore, we have no choice to except to believe in what was submitted to us. The amount of debt claimed is ₹ 93,24,741.46/- which exceeds ₹ 1,00,000/- as per the requirement under section 4 of the I B Code 2016 and the application is within the purview of Section 9 of the I B Code, 2016 - It can be concluded that the instant Application is complete in all respects, therefore, deserves to be admitted. Application admitted - moratorium declared. - IBA/42/KOB/19 - - - Dated:- 19-12-2019 - Ashok Kumar Borah, Judicial Member And Veera Brahma Rao Arekapudi, Technical Member Akhil Suresh, Ms. Anchal M. Nichani Adv., for the Applicant. Jerry V. James Adv., for the Respondent. ORDER 1. This application has been filed by M/s. CUBOID INFRASTRUCTURE , (for short to be referred hereinafter as 'Operational Creditor') under Section 9 of the Insolvency Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'Code') for initiating Insolvency Resolution Process against THE TRIVANDRUM SPECIALISTS HOSPITALS LIMITED (for short to be referred h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. In furtherance to the services rendered, the Operational Creditor had raised invoices in a periodic basis.The Corporate Debtor had made only partial payments to the extent of ₹ 5,97,48,529 (Rupees Five Crore Ninety-Seven Lakh Forty Eighty Thousand Five Hundred and Twenty-Nine Only) towards the invoices. Further the Corporate Debtor acknowledge the outstanding amount payable to the Operational Creditor on 23.09.2015. Thereafter the Corporate Debtor had made part payment to the extent of ₹ 64,05,000/- (Rupees Sixty-Four Lakh Five Thousand Only) on various dates. The Corporate Debtor has also awarded the Operational Creditor a Completion Certificate dated 03.11.2015 for consistently rendering services as agreed between parties based on the work orders issued by the Corporate Debtor. 4. The Operational Creditor has reminded the outstanding due through E-mail communication and the same had been acknowledged by the Corporate Debtor vide E-mail dated 03.11.2018. 5. As no payment is forthcoming from Corporate Debtor towards the dues, Applicant issued a Demand Notice under section 8 of the Insolvency Bankruptcy Code, 2016 dated 29.07.2019 (under Rule 5 of the Insolven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor; There is no such signed off agreement between the parties dated 23.09.2015 as no documents pertaining to such agreement has been produced by the Operational Creditor. The alleged signed off Agreement produced in Application (Annexure II (8) doesn't have any designation of the employee who signed on behalf the Corporate Debtor. Further the seal used on the agreement is also do not conform to the regular seal used by the Corporate Debtor in their transactions. 9. The Operational Creditor filed rejoinder and stated that the Corporate Debtor had failed to provide any substantial documents to establish pre-existing dispute. 10. The Operational Creditor again contented that the Corporate Debtor has signed off an Agreement dated 23.09.2015 (enclosed in page 55 of the Application) showing the amount due and payable to the Operational Creditor. The Corporate Debtor thereafter paid partial amount towards the outstanding debt, to substantiate the acknowledgement of the Corporate Debtor regarding the signed off agreement, the operational Creditor annexed E-mail communications. (Annexure A to the Rejoinder filed by the Applicant)which clearly negate the stand taken by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor replied to the E-mail stating that as you are aware it was on due to internal audit query. The audit team will be visiting our unit by July end. We will be able to make decision on or after their visit only . This clearly shows that the Corporate Debtor is well aware of the outstanding dues and claims made by the Operational Creditor. 17. In response to the letter dated 02.11.2018 the Corporate Debtor replied on 03.11.2018 by stating that Noted. Being an old case, we are trying to deeper into it to respond we shall update you shortly without clear denial of the claims made by the Operational Creditor. 18. Under such circumstances the Applicant filed an Application in the capacity of an 'Operational Creditor' for an 'Operational Debt' of ₹ 93,24,741.46/- (Rupees Ninety-three Lakhs Twenty-Four Thousand Seven Hundred and Forty-One and forty-six paisa only) recoverable from the Corporate Debtor- Trivandrum specialists hospitals Limited. The Corporate Debtor has not produced any single documents to prove his part other than simply making submissions that the Corporate Debtor is in connivance with some dismissed employees. 19. The Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial 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 23. It is further directed that the services to the Corporate-Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The moratorium shall however not apply to such transactions as may be notified by the Central Government in consultation with any financial regulator and to a surety in a contract of guarantee to a Corporate Debtor. a. The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under Sub-Section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case maybe. b. That the public pronouncement of the Corporate Insolvency Resolution Process shall be made immediately as specified under Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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