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TMI Blog2019 (1) TMI 1830X X X X Extracts X X X X X X X X Extracts X X X X ..... CH. MOHD. SHARIEF TARIQ (Judicial Member) Anant Merathia for the operational creditor. Rohan Rajasekaran for the corporate debtor. ORDER Ch. Mohd. Sharief Tariq (Judicial Member).-Under adjudication is C. P. No. 850/IB/2018 that has been filed by the operational creditor under section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, I and B Code, 2016 ) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the application, to initiate the corporate insolvency resolution process against the corporate debtor, declare a moratorium and appoint an interim resolution professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I and B Code). 2. Heard counsels for the operational creditor and corporate debtor, and perused the record placed on file. 3. The operational creditor has claimed a total sum of USD 41,321.30 (USD forty one thousand, three hundred and twenty one dollars and thirty cents) including interest which the corporate debtor has failed to pay. 4. The facts of the case are that the operational creditor has supplied fruits as per the demands made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 49 of the typed set filed with the application. The same has been received by the corporate debtor on July 22, 2016 to which no reply was given by the corporate debtor. 9. The operational creditor has sent form 3 demand notice dated August 10, 2017 under section 8 of the I and B Code, 2016 wherein the amount of debt claimed is being mentioned. Copy of the notice is placed at pages 3 to 12 of the typed set filed with the application, which has been dispatched. The track delivery report is placed at pages 13 to 15 of the typed set filed with the application, which reflects that the same has been refused by recipient . 10. The operational creditor has complied with section 9(3)(b) and (c) of the I and B Code, 2016, by filing a detailed affidavit, wherein under paragraph 13, it has been deposed that the corporate debtor has not raised any dispute or filed any suit or arbitration proceedings concerning its liability to the operational creditor pertaining to the unpaid operational debt. Copy of the affidavit is placed at pages 96 to 111A of the typed set filed with the application. The operational creditor has also placed on record the bank certificate at page 53 and the statem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e decided on the basis of the documents filed by the parties. Therefore, the board resolution that came to be passed by the board of directors on September 8, 2017, Mr. M. Armugam having Adhaar No. 959232047074 has been authorized by the board to initiate the insolvency process, related and consequential applications, pleadings, documents against the corporate debtor under sections 8 and 9 of the I and B Code, 2016. Therefore, the board resolution specifically provides the authority to signatory to file appropriate application against the corporate debtor under section 9 of the I and B Code, 2016 which is in accordance with law. There cannot be any doubt as to the authority provided by the board of directors of the operational creditor to the signatory through whom the application has been filed under section 9 of the I and B Code, 2016. 14. Counsel for the corporate debtor has further pointed out that since the board has authorized the signatory to initiate the insolvency process under sections 8 and 9 of the I and B Code, 2016, the notice under section 8 should have also been issued by the authorized signatory. In this respect, it has to be made clear that form 3 is required t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18. In reply arguments, counsel for the operational creditor has referred to the mail dated April 18, 2015 placed at page 37 of the typed set filed with the application sent by the operational creditor to the corporate debtor seeking payment. A reply has been given by the corporate debtor to the operational creditor on the same date, i. e., April 18, 2015 wherein it has been stated that the corporate debtor is sorry for taking more time to pay and given the troubles, it has been assured that the corporate debtor will pay the amount definitely, which is a clear confirmation of the outstanding debt. Therefore, the operational creditor has established that his claim is genuine, and there is default on the part of the corporate debtor. 19. The operational creditor has fulfilled all the requirements of law for admission of the application. This Bench is satisfied that the corporate debtor has committed default in making payment of the outstanding debt claimed by the operational creditor. Therefore C. P. No. 850/(IB)/CB/2018 is admitted and the commencement of the corporate insolvency resolution process is ordered which ordinarily shall get completed within 180 days, reckoning from t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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