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TMI Blog2021 (6) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... ptcy Code, 2016(the Code) for the alleged default on the part of the CD in settling the amount of Rs. 60,42,979 as on 28.02.2019 plus interest towards the goods supplied. The details of transactions leading to the filing of this petition as averred by the OC are as follow: * The CD issued purchase orders on 14.09.2017 and 21.09.2017 for supply of Wires. As per the agreed term of payment between the parties, OC was to receive '100% through 60 days PDC' (page 24 of petition). * The OC supplied the required goods and raised three invoices dated 21.09.2017, 24.09.2017 and 13.10.2017 aggregating to Rs. 60,42,979 (pg 29, 32 and 37). It is also stated that CD issued three cheques for payment of Operational Debt (OD). However, the chequ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... teps for recovery of its debts. It is pertinent to mention here that the CD has not raised objection against the principal amount of OC. Further, CD has not claimed that there is any pre-existing dispute between the parties. 4. The CD in its reply has stated that the purchase orders were placed in the name of "M/s. Ashish Electronics", not in the name of OC. In this regard, the OC in its rejoinder submitted that "Ashish Electronics" is trade name of OC, which is also mentioned in memo of parties of the petition (pg 3 of rejoinder). It is seen that in the reply letter dated 09.06.2018, the CD itself has mentioned the name of OC as proprietor of Ashish Electronics (pg 73) and invoices also show name of petitioner as proprietor of Ashish Elec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - For the purposes of this section, a "demand notice " means a notice served by an operational creditor to the corporate debtor demanding payment of the operational debt in respect of which the default has occurred. 9. Application for initiation of corporate insolvency resolution process by operational creditor.- (1) After the expiry of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-section (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under sub-section (2) of section 8, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is complete; (b) there is no 3 payment of the unpaid operational debt; (c) the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor; (d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any. (ii) reject the application and communicate such decision to the operational creditor and the corporate debtor, if- (a) the application made under sub-section (2) is incomplete; (b) there has been payment of the unpaid operational debt; (c) the creditor has not delivered the invoice or notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmediate effect. 9. The OC has not proposed the name of any IRP. Accordingly, we appoint Mr. Vijay Kishore Saxena Registration No. IBBI/IPA-001/IP-P01766/2019-2020/12708 email: [email protected] duly empaneled with the IBBI as the IRP. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15, 17 and 18 of the Code and file his report within 30 days. 10. In pursuance of Section 13 (2) of the Code, we direct that public announcement shall be made by the IRP immediately (within 3 days) with regard to admission of this application under Section 7 of the Code. 11. We also declare a moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the morato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er-alia, under Sections 17, 18 and 21 of the Code and conduct proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations and shall file reports before the Adjudicating Authority. It is further made clear that all the personnel connected with the CD, its promoters or any other persons associated with the Management of the CD are under legal obligation as per Section 19 of the Code to extend every assistance and cooperation to the IRP as may be required by him in managing the day-to-day affairs of the CD. The IRP shall be under duty to protect and preserve the value of the property of the CD as a part of its obligation imposed by Section 20 of the Code and perform all his func ..... X X X X Extracts X X X X X X X X Extracts X X X X
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