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TMI Blog2020 (6) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... ord it is also found that the instant petition filed by the applicant is well within limitation and there is no denial of the operational debt and/or any pre-existing dispute regarding the operational debt from the corporate debtor. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the operational debt to the Applicant - the documents produced by the operational creditor clearly establish the debt and there is default on the part of the Corporate Debtor in payment of the operational debt . The respondent has defaulted the debt and has admitted the operational debt - petition admitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor maintained by the operational creditor, annexed to the application (pages 60-61). That, the operational creditor raised several invoices (pages 13-59), however, the corporate debtor has failed to clear the same till date. Thus, in all, an amount of ₹ 21,38,950/- (Rupees twenty-one lacs thirty-eight thousand nine hundred fifty only) is due and outstanding from the corporate debtor with effect from 26-2-2019, as per computation annexed to the application (pages 11-12). 5. The operational creditor has stated that having failed to receive the operational debt, the operational creditor issued notice/letter dated 1-11-2018 (page 67) to the corporate debtor. Thereafter, the operational creditor issued demand notice under section 8 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s it is also found that the corporate debtor has never raised any dispute on issuance of notice u/s 8 of the I & B Code nor have ever raised any dispute prior to the issuance of notice. 12. From the above discussions it is evident that the respondent has defaulted the debt and has admitted the operational debt. 13. It has been observed in Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. [2017] 85 taxmann.com 292/144 SCL 37 (SC) that while examining an application under section 9 of the Act, will have to determine the following: - (i) Whether there is an "operational debt" as defined exceeding ₹ 1.00 lac (see section 4 of the Act)? (ii) Whether the documentary evidence furnished with the application shows that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate insolvency resolution and call for submission of claims as provided under section 15 of the Code. Sub-section (2) of section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority direct the Interim Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and call for submission of claims under section 15 as required by section 13(l)(b) of the Code. 16. From the above stated discussion and on the basis of material available on record it is evident that the corporate debtor has committed default in payment of operational debt and, therefore, it is a fit case to initiate Insolvency Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy 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. 20. The applicant/operational creditor has not proposed the name of Interim Resolution Professional. This Adjudicating Authority hereby appoint Mr. Sachin Bhattbhatt, A-103, Yogiraj Villa 2, Kunal Char Rasta, Nr. Signat Plaza, Behind Iscon Heights, Gotri Laxmipura Road, Gotri, Vadodara 390 023 having registration No. IBBI/IPA-003/IP-N000138/2017-18/11514 to act as an interim resolution professional under section 13(l)(c) of the Code. 21. This Petition is accordingly admitted. 22. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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