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TMI Blog2021 (4) TMI 1070X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor) to initiate Corporate Insolvency Resolution Process of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying the Operational Debt of USD 212,936.07 equivalent to INR of Rs. 1,53,09,571.09/- (as per conversion rate applicable on 17.09.2019). The last date of default is stated to be 30.06.2017. 2. The following facts are not in dispute:- a. The Operational Creditor is the Service Provider of the Corporate Debtor. He used to provide service of repair and maintenance of some of the parts of aircrafts. The amount of debt is claimed towards the service charges and the price of those parts. b. Operational Creditor submitted various invoices attached to Annexure A- 3 of the Application to show that it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons. 10. Upon reconstitution of the Bench, we called upon both the Learned counsels to argue the matter. However, they submitted that this Adjudicating Authority may decide the Application on the basis of written submissions. Accordingly, we have gone through the record and proceedings. 11. At the outset, it is to be noted that there is no dispute to the fact that the Operational Creditor has provided the service of maintenance of some part of the aircraft and also sold spare parts to the Corporate Debtor. Various invoices have been raised. The defence the Corporate Debtor has raised is that nothing is due and payable by them. 12. It is mandate of Law that before filing of Application U/s. 9 of IBC, the Operational Creditor has to serve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice, we hold that the defence as raised in affidavit in reply appears to be an afterthought and we reject such defence in total. 17. Considering the evidence and material on record and written submissions made by the counsels, we hold that the Operational Creditor established that there is an Operational Debt more than Rs. 1,00,000/- (as per Sec. 4 of IBC, 2016) due and payable by the Corporate Debtor and Corporate Debtor committed the default in paying the same in spite of receipt of notice U/s. 8 of IBC. 18. The Operational Creditor has not suggested name of any RP for appointment as IRP and left the matter at the discretion of this Adjudicating Authority and we hereby appoint Mr. Santosh Bhatia as IRP from the list provided by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be ratified later on by CoC. 23. The moratorium is hereby declared which shall have effect from the date of this order till the completion of CIRP. For the purposes referred to in section 14 of the IB Code, 2016. It is hereby ordered to prohibit all of the following namely:- 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 or 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 rights or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues arising from such supply during the moratorium period. Furthermore, the provisions of Sub-section (1) of Section 14 shall not apply to such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority. 25. The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the Code. The Directors, Promoters or any other person associated with the management of Corporate Debtor are directed to extend all assistance and co-operation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I&B Code, 2016. 26. The Petitioner/Operational Creditor as well as the Registry is directed to se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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