9911796707
TMI Blog2020 (3) TMI 1293X X X X Extracts X X X X X X X X Extracts X X X X ..... thent Technologies Private Limited for the purpose of initiating Corporate Insolvency Resolution Process ("CIRP") against the corporate debtor Web Date Systems Private Limited as it has committed default in payment of outstanding debt. The amount claimed in default is Rs. 54,73,536/-. 2. The facts, in brief, are that a commercial property was given on lease by Lease Deed dated 15th June 2015. Lease rent has remained outstanding. 3. The Ld. Counsel on behalf of the Operational Creditor appeared and submitted that default continued from 19th February 2018. The Corporate Debtor also accepted its debt by e-mail dated 14th May 2018. Our attention was also drawn to the Ledger Account, copy of Invoices and terms & conditions of the Agreement/Lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Electricity charges are to be reimbursed by the Corporate Debtor based upon its consumption. Similarly, water charges are also to be paid. These activities clearly fall in the definition of provisions of Services as defined in Section 5(21) of IBC, 2016 as the definition in Section 5(21) means a claim in respect of the provision of Services. Thus, at the cost of repetition, we hold that by no stretch of imagination it can be said that such facilities provided by the Operational Creditor are not services. Accordingly, we reject the contention of the Corporate Debtor that since main services cannot be categorized as operational debt, these will also not construe as operational debt. In this regard, we are further of the view that no such re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be made immediately. (iv) Moratorium under section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: (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 Financial Assets and Enforcement of Secu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his order; (xi) The Operational Creditor to pay sum of Rs. 50,000/- (Rupees Fifty Thousand only) to IRP as advance fees as per Regulation 33(3) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016 which shall be adjusted from final bill; (xii) The Resolution Professional shall conduct CIRP in time bound manner as per Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016; (xiii) List the matter on 21st April, 2020 for the filing of the progress report; (xiv) Registry is hereby directed under section 7(7) of the I&B Code, 2016 to communicate the order to the Financial Creditor, the Corporate Debtor and to the IRP by Speed Post as well as through e-mail. (xv) Certifie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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