9911796707
TMI Blog2019 (7) TMI 1622X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code - petitioner is able to establish that there exists debt as well as occurrence of default. The Application filed by the Applicant is complete in all respects - Petition admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... six lacs sixty-two thousand nine hundred seventy-six and paise seventeen only) which has further increased to ₹ 6,92,409.71 (Rupees six lacs ninety-two thousand four hundred nine and paise seventy-one only) up to 25th August, 2018, as per the computation of interest placed at Annexure - 3A to the application. The applicant has further contended that the corporate debtor has confirmed the outstanding through their balance confirmation which is placed as Annexure - 9 to the application. 5. It is further contended by the applicant that demand notice in Form 3 and Form 4 of the IB Code was issued to the respondent through Speed Post which was delivered at the registered office of the respondent on 22nd May, 2018, as per copy of track rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? 10. In view of the aforesaid discussions and before rejecting and/or admitting the application, we must refer to the legislation guide on Insolvency Law of United Nations Commission on International Trade Law. One of the things the Legislative Guide spoke about was whether the debt is subject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. 11. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment and the provisions thereof as enshrined in Insolvency & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intment of Interim Insolvency Resolution Professional. This Adjudicating Authority directs the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and calls for submission of claims under Section 15 as required by Section 13(l)(b) of the Code. 15. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 16. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - (i) the institution of suits or continuation of pending suits or proce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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