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TMI Blog2019 (4) TMI 1938X X X X Extracts X X X X X X X X Extracts X X X X ..... vil Court. Therefore, the Application filed under Section 9 of the I B Code, 2016 by the Operational Creditor is within the period of limitation. Hence, the objection that has been raised by the Counsel for the Corporate Debtor that the Application is time barred stands rejected. The multifaceted defence that has been projected by the Corporate Debtor is inconsistent and a mere bluster. Therefore, the pleas taken by the Corporate Debtor including the plea about existing of dispute, stand rejected. 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, Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed - Application admitted - moratorium declared. - CP/872/IB/2018 - - - Dated:- 10-4-2019 - Ch. Mohd Sharief Tariq, Member (Judicial) For Operational Creditor : Mr. K. Gaurav Kumar, PCS For Corporate Debtor : Mr. K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and thereafter the principal sum of ₹ 7,24,740/- to be paid along with interest @ 6% by the Defendants viz., the Corporate Debtor and its Directors to the Plaintiff viz., the Operational Creditor. 7. The Operational Creditor has sent a Demand Notice dated 22.03.2018 in Form -3 under Section 8 of the I B Code, 2016 to the Corporate Debtor enclosing therewith copies of Invoices and Decree passed by Ill Additional District Court, Tiruvallur at Poonamallee etc. Copy of Demand Notice is placed at pages 7 to 44 of the typed set filed with the Application, which has been delivered on 27.03.2018. The Track Delivery Report is placed at page 45 of the typed set filed with the Application, to which the Corporate Debtor has given reply through its Advocate on 18.04.2018. Copy of Reply is placed at pages 63 to 65 of the typed set filed with the Application wherein the Corporate Debtor denied all the allegations as well as the claim made by the Operational Creditor. 8. The Operational Creditor has complied with Section 9 (3) (b) (c) of the I B Code, 2016, by filing Affidavit, wherein under Para 7, it has been deposed that no notice of any dispute has been received from Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the Operational Creditor under Section 9 of I B Code, 2016 be dismissed. 11. Apart from this, the Corporate Debtor has again given the detail of the factual aspects pertaining to the Original Suit No. 141/2013. The Corporate Debtor has relied upon the ruling given by the NCLT Principal Bench in Deem Roll Tech Limited -vs- R.L.Steel Energy Ltd, wherein it has been observed that as against the Decree an Execution Petition could be filed, the Insolvency proceedings cannot be used for execution of the Decree. 12. The Corporate Debtor has also cited Mobilox Innovations Private Limited -vs- Kirusa Software Private Limited dated 21.09.2017 reported in MANU / SC/ 1196/2017, by making a reference to the existence of a dispute wherein the Hon'ble Apex Court has laid down that 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. 13. Repudiating the objections raised by the Counsel for the Corporate Debtor, in relation to the judgement that has been passed by the NCLT, Princ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the same cannot be assailed before the Adjudicating Authority. Based on which the Appeal filed was dismissed by the Hon ble NCLAT. Thereafter, the matter went up before the Hon'ble Apex Court under Civil Appeal No. 9980/2018 wherein the Hon'ble Apex Court vide its Order dated 12.10.2018 has dismissed the Appeal observing that it did not find any reason to interfere with the order dated 29.08.2018 passed by the Hon ble NCLAT, New Delhi. 16. Therefore, in view of the law laid down in the above noted case, it is concluded that the Adjudicating Authority can take cognizance of the Decree passed by the Civil Court under which the claim has been crystallized and the Decree has been drawn in favour of the Plaintiff / Operational Creditor. In view of this, the issue raised by the Corporate Debtor stands rejected. 17. It appears that the Corporate Debtor is taking every efforts to starve off the proceedings initiated by the Operational Creditor under the provisions of the I B Code, 2016. As regards the limitation issue, it is noted that the claim has been filed on the basis of a Decree passed by the Civil Court. The time period for execution of any Decree under Article 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Enforcement of Security Interest Act, 2002 (54 of 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. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (I) of Section 14 shall not apply to such transactions, as notified by the Central Government. 22. The Operational Creditor has proposed Mr. S. Sivarama Krishnan as IRP. Therefore, Mr. S. Sivarama Krishnan is hereby appointed as IRP, as has been proposed by the Operational Creditor. There is no disciplinary proceeding pending against the IRP as is evidenced from Form-2. The IRP is directed to take charge of the Corporate Debtor's management immediately. The IRP is also directed to cause public announcement as prescribed under Section 15 of Code, 2()16 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. 23. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 18 of the Code. The Directors ..... 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