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TMI Blog2020 (5) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... 61,46,231 to the petitioner-operational creditor, as evidenced by order dated May 24, 2019 of this Tribunal, which was subsequently dishonoured and since the application is otherwise, complete, there is no need to consider any other aspect, in view of the settled position of law, and accordingly, this petition is admitted. Petition admitted - moratorium declared. - C. P. (IB) No. 218/Chd/Chd/2018 - - - Dated:- 7-10-2019 - Ajay Kumar Vatsavayi Judicial Member And Pradeep R. Sethi Technical Member For the Petitioner : Gaurav Mankotia For the Respondent : Achin Goel and Deep Kishan JUDGMENT AJAY KUMAR VATSAVAYI (JUDICIAL MEMBER). - 1. The instant petition is filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for short hereinafter referred to as the Code ) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short hereinafter referred to as the Rules ). The application has been filed in Form 5 as prescribed in rule 6(1) of the Rules. 2. Gangotri Steel Syndicate (for short hereinafter referred to as the petitioner and/or operational creditor ) has filed the application throu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank statement of the petitioner-operational creditor maintained by the Punjab National Bank from December 1, 2017 to June 5, 2018 is annexed as annexure A3. 5. The petitioner-operational creditor sent a demand notice in Form 3 dated Nil, annexure A1, demanding an amount of ₹ 1,13,34,241 (inclusive of interest) as on November 10, 2017 as prescribed under section 8 of the Code. A copy of the said demand notice is annexed as annexure A1 (Colly). 6. It is stated that after exchange of various communications between the operational creditor and the corporate debtor, on December 30, 2017 the respondent-corporate debtor paid a sum of ₹ 14,99,941 to the petitioner-operational creditor. A copy of ledger account, maintained by the petitioner-operational creditor, reflecting that an amount ₹ 14,99,941 was paid by the respondent-corporate debtor to the petitioner-operational creditor is at page 42 of the paperbook. It is further stated that no payment thereafter, was made by the respondent-corporate debtor and accordingly, the outstanding principal amount since December 30, 2017 is ₹ 61,46,231. As per Part IV of Form 5, the petitioner-operational creditor is clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... initiated against the respondent. 11. However, after few days, the petitioner-operational creditor, filed an application, bearing C. A. No. 504 of 2019, under section 424 of the Companies Act, 2013 read with sections 7 and 60 of the Code, and rule 4 of the Rules, for revival and admission of the company petition in view of the failure of the corporate debtor in complying with the terms of the settlement, i. e., not honouring the cheques issued towards the debt of the operational creditor. 12. On August 20, 2019 this Tribunal allowed C. A. No. 504 of 2019 and restored the company petition and while observing that since the pleadings in the main case are complete, directed the matter to be listed on September 25, 2019 for arguments. 13. Heard learned counsel for the petitioner and learned counsel for the respondent and have carefully perused the records. 14. In Alloysmin Industries v. Raman Casting P. Ltd. (C. A. (AT) (Insolvency) No. 684 of 2018, dated January 21, 2019) [2019] 5 Comp Cas-OL 398 (NCLAT) of the hon'ble National Company Law Appellate Tribunal, on which the learned counsel for the petitioner, placed reliance, it was held that if the demand notice unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or payment to the corporate debtor has been delivered by the operational creditor ; (d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility ; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any. 17. Since the respondent-corporate debtor have agreed and admitted its liability to pay the debt, and its default, by tendering a cheque of ₹ 61,46,231 to the petitioner-operational creditor, as evidenced by order dated May 24, 2019 of this Tribunal, which was subsequently dishonoured and since the application is otherwise, complete, there is no need to consider any other aspect, in view of the settled position of law, and accordingly, this petition is admitted. 18. We declare the moratorium 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, ali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 25/02/2019-NCLT, dated June 28, 2019 has been received from the National Company Law Tribunal, New Delhi forwarding therewith a copy of letter No. IBBI/IP/EMP/2018/02, dated June 24, 2019 along with the guidelines and the panel of resolution professionals approved for the National Company Law Tribunal, Chandigarh Bench for appointment as IRP or liquidator. The panel is valid for six months from July 1, 2019 to December 31, 2019. We select Ms. Mandeep Gujral appearing at Serial No. 11 of the panel to be appointed as interim resolution professional. 24. The Law Research Associate of this Tribunal has checked the credentials of Ms. Mandeep Gujral and there is nothing adverse against her. In view of the above, we appoint Ms. Mandeep Gujral, Registration No. IBBI/IPA-001/IP-P00507/2017-2018/10908, Mobile No. 9814228288, e-mail : [email protected], as the interim resolution professional with the following directions : (i) The term of appointment of Ms. Mandeep Gujral 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 sus p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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