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TMI Blog2021 (2) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 02nd September 2019 in CP (IB) No. 1058/ND/2018 passed by Adjudicating Authority (National Company Law Tribunal), New Delhi (Court IV) admitting Application u/s 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the Code') against the Corporate Debtor - Manju J Homes India Limited, by Shubham Jain, one of the directors of the Corporate Debtor. 2. The Appellant has challenged the impugned order of admission primarily on two grounds - (a) Demand Notice u/s 8 of the Code was not served on the Corporate Debtor; (b) Claim of the Applicant Operational Creditor was seriously disputed. 3. The Appellant submits that the I&B Code is a complete Code in itself, overriding all the other Acts. The concept of deemed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d post and the tracking report, however, despite the same, the Corporate Debtor has failed to pay the amount demanded nor has replied to the demand notice raising any dispute, hence this application, seeking to unfold the process of CIRP. 9. As per Part IV of Form 5, the applicant has stated that total debt due and payable is Rs. 84,47,147/- (Rupees Eighty-Four Lakhs Forty- Seven Thousand One Hundred and Forty- Seven only) which includes Principal amount of Rs. 66,03,856.78/-and interest of Rs. 18,43,290.22/- @18% p.a. till 20.06.2018. The applicant has mentioned that default occurred on 02.12.2016. 10. The Respondent did not appear though Section 8 notice and the present application were duly served on the Respondent and proof of ser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... functional address as well as Director of the Corporate Debtor. Under Section 2(59) of the Companies Act, 2013 Director is included in to definition of Officer. Under Section 20 of the Act a document served on a Company or on Officer thereof is service recognized. Going from Principles of Natural Justice, in terms of Section 424 of Companies Act read with above provision of Service of Notice on Director must be held to be good service. Therefore, in our opinion, the mandate u/s 8 of the Code was fulfilled, and the Adjudicating Authority has rightly admitted the application u/s 9 filed by the Operational Creditor for initiating Corporate Insolvency Resolution Process against the Corporate Debtor. 8. As is evident from paragraph 10 of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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