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TMI Blog2019 (11) TMI 1486X X X X Extracts X X X X X X X X Extracts X X X X ..... ode. We have held above that the demand notices in form No. 3 4 were properly delivered by the Operational Creditor and no pre-existing dispute is proved. It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notices till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 lac by the respondent-corporate debtor. Application admitted - moratorium declared. - CP (IB) No. 269/Chd/HP/2019 - - - Dated:- 19-11-2019 - Ajay Kumar Vatsavayi , Member ( J ) And Pradeep R. Sethi , Member ( T ) For the Appellant : G. S. Sarin , Practising Company Secretary For the Respondents : Ajay Bhagwati , Advocate JUDGMENT Ajay Kumar Vatsavayi, Member (J) 1. The instant petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, (for short hereinafter referred to as 'Code') read with Rule 6 of Insolvency and Bankruptcy ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice was called upon to repay the unpaid operational debt (in default) of ₹ 2,43,43,067/- along with future interest @12% per annum on the principal amount of ₹ 1,86,42,633/- from 28.02.2019 till the date of payment or realization. 6. It is deposed by the Operational Creditor that no reply to the demand notice under Section 8 of the Code, has been received by the Operational Creditor mentioning any kind of dispute or pendency of any suit or arbitration proceedings filed in relation to the dues claimed in the present petition. 7. It is submitted that the respondent-corporate debtor failed to comply with the demand notice dated 14.03.2019 nor made any outstanding payment and hence this petition. 8. In Part III of Form 5, the operational creditor has proposed Mrs. Mandeep Gujral, bearing Registration No. IBBI/IPA-001/IP-P00507/2017-2018/10908 as the Interim Resolution Professional. The consent of the proposed IRP is furnished in Form No. 2 is placed at Annexure-X, in which she has stated that she is currently serving as the monitoring agency in the matter of Quality Rice Exports Private Limited and also got appointed as an Interim Resolution Professional and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode are as follows:- (5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under subsection (2), by an order- (i) admit the application and communicate such decision to the operational creditor and the corporate debtor if,- (a) the application made under sub-section (2) is complete; (b) there is no payment of the unpaid operational debt; (c) the invoice or notice for 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 subsection (4), if any. 16. The Hon'ble Supreme Court in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, (2018) 1 SCC 353, Civil Appeal No. 9405 of 2017, held as under:- 51. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(ii)(d) if notice of dispute has been rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementioned fact it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 lac by the respondent-corporate debtor. 19. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP process in the case of the Corporate Debtor M/s. Bhandari Deepak Industries Pvt. Ltd. and direct moratorium and appointment of Interim Resolution Professional as below. 20. 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, 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 interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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