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TMI Blog2020 (9) TMI 505X X X X Extracts X X X X X X X X Extracts X X X X ..... and the address of its registered office is LD-1, Pitampura, Delhi DL - 110034. There is an affidavit in support of the contents of the application which is from pages 10 to 12 of the petition. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. M/s. J J Solvex Private Limited (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated under the provisions of Companies Act, 2013 with authorized share capital of '1,00,00,000/- and paid up share capital of '71,00,000/-. The CIN of the respondent-corporate debtor is U15141PB1993PTC013005 and its registered office is situated in Patiala in the State of Punjab and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at Annexure A-2 of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the petitioner-operational creditor has supplied Paddy to the Corporate Debtor from 24.06.2017 to 27.06.2017 and raised the invoices/bills accordingly. Copy of invoices and transportation/bilty particulars are placed as Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. The affidavit is appended with the petition from pages 58 to 59. 8. It is submitted that the respondent-corporate debtor failed to comply with the demand notice dated 01.10.2018 nor made any outstanding payment and hence this petition. 9. In Part III of Form 5, the operational creditor has proposed Mr. Vishawjeet Gupta, bearing Registration No.IBBI/IPA-002/IP-N00215/2017-18/10667 as the Interim Resolution Professional. The consent of the proposed IRP is furnished in Form No. 2 is placed at Annexure A-4, in which he has stated that he is not currently serving as an Interim Resolution Professional in any of the proceedings. It is also stated that there are no disciplinary proceedings pending against the proposed Interim Resolution Professional with the Insolvency and Bankruptcy Board of India or with the Institute of Insolvency Professionals of ICSI. 10. Notice of this petition was issued to the Corporate Debtor on 30.05.2019 to show cause as to why this petition be not admitted. 11. On the last date of hearing, the learned counsel on behalf of the respondent submitted that the Corporate Debtor has no objection if, CP is admitted as Corporate Debtor is not in a position to pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application under Section 9(5)(ii)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application." 17. We have gone through the contents of the application filed in Form No.5 and find the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational 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. 21. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days of filing the report of constitution of the Committee; and vii.) The Interim Resolution Professional is directed to send regular progress report to this Tribunal every fortnight ..... 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