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TMI Blog2020 (6) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor, declare moratorium and appoint Interim Resolution Professional. 2. Part-I of the Application sets out about the Operational Creditor from which, it is evident that the Operational Creditor is a Private Limited Company. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U855100TN2016PTC104490 which was incorporated on 02.03.2016and that its Nominal Share capital and paid up capital is Rs. 5,00,00,000/- and Rs. 4,00,00,000/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at Arun Arcade, 75A First Cross, North East Extension Road, Thillainagar, Tiruchirapalli, Tamil Nadu 620 018. Part-III of the Application shows that the Operational Creditor has not proposed the name of the "Interim Resolution Professional" (IRP) and left it to the discretion of this Tribunal to appoint the same. 3. From Part-IV of the Application, it is seen that a sum of Rs. 53,11,671/-, including interest at the rate of 18% p.a. is being claimed by the Operational Creditor as Operational Debt from the Corporate Debtor. Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor has called and informed the Operational Creditor that the payment will be done at the earliest and to prove the bonafide, the Corporate Debtor has issued a cheque dated 05.01.2019 bearing No.862546 drawn on ICICI Bank, for a sum of Rs. 1,00,000/- towards part payment. 7. The Learned Counsel for the Operational Creditor submitted that they have sent Demand Notice as mandated under Section 8 of IBC, 2016 to the Corporate Debtor on 28.02.2019, however the Corporate Debtor had replied to the said notice by raising vague allegations and disputing the claim of the Operational Creditor. It is submitted by the Learned Counsel for the Operational Creditor that the Corporate Debtor has mainly contended that they have not installed the equipment and provided training and that the payment would be done only after installation and provisions of training. 8. The Learned Counsel for the Operational Creditor submitted that they have not installed the equipment only on the specific instructions of the Director of the Corporate Debtor and if the Corporate Debtor had made the payment and provided with the proper location for installation, the Operational Creditor is ready to complete the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional Creditor has supplied the materials and the said materials were delivered at the address given by the Corporate Debtor and the Operational Creditor has also raised invoice in relation to the same on 15.06.2017. 12. The bone of contention raised by the Corporate Debtor is that the Operational Creditor is not entitled to receive any payment as the Operational Creditor has failed to install the equipment in the premises of the Corporate Debtor and also failed to provide adequate training to the staff of the Corporate Debtor in order to operate the said equipment. For proper appreciation of the said contention raised by the Learned Counsel for the Corporate Debtor, it is necessary to peruse the terms and conditions stipulated in the purchase order, which is extracted hereunder; Terms & Conditions: Price Inclusive of VAT @ 5% Delivery: The Delivery will be done within 4 - 8 weeks from the date of Confirmed Purchase Order. Way Bill has to be issued from your End for delivery of consignment Installation & Training: The installation and training of the system will be done by the Factory trained engineers. Warranty: One year from the date of installation. 13. A careful r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is required to be admitted under Section 9(5) of the IBC, 2016. 16. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India appoints Ms. GANESAN GEETHA with Registration Number IBB1/1PA-001/1P-P00857/2017-2018/11439 (email id:- [email protected]) as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumber ..... X X X X Extracts X X X X X X X X Extracts X X X X
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