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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 ..... ng by the above details, the OC has clearly established the existence of debt and default on the part of the CD. The petition is within limitation period. The present application deserves to be admitted. Hence, the present application is admitted initiating CIRP on the CD, with immediate effect - Moratorium declared. - IB-2069/ND/2019 - - - Dated:- 6-4-2021 - Abni Ranjan Kumar Sinha, Member (J) And K.K. Vohra, Member (T) For the Appellant : Shrivalli Kajaria, Adv. For the Respondents : Rahul Narang, Adv. ORDER K.K. Vohra, Member (T) 1. This is a petition filed by Nangalia Bros. Pvt. Ltd., Operational Creditor (OC) seeking initiation of Corporate Insolvency Regulation Process (CIRP) against the Corporate Debtor ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The OC issued the Demand Notice u/s. 8 of IBC (Form 3) as per Rule 5(1) (a) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to the Corporate Debtor on 05.03.2019 (pg 76). 2. In terms of Section 9 (3) (b) of the Code, the applicant has affirmed vide affidavit dated 03.08.2019 that no notice of dispute has been received from CD in reply to demand notice dated 05.03.2019 (pg 21). 3. The CD filed a reply dated 06.01.2020 stating that the claim of OC about interest amount of ₹ 13.75 lakh, over debt amount is not maintainable as there was no agreement between the parties (pg 4). The CD in its reply has not raised any dispute over quality or quantity of goods supplied by OC. CD, however, stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... npaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed. (2) The corporate debtor shall, within a period of ten days of the receipt of the demand notice or copy of the invoice mentioned in sub-section (1) bring to the notice of the operational creditor- (a) existence of a dispute, if any, or record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute; (b) the payment of unpaid operational debt- (i) by sending an attested copy of the record of electronic transfer of the unpaid amount from the bank account of the corporate debtor; o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor, if available; (d) a copy of any record with information utility confirming that there is no payment of an unpaid operational debt by the corporate debtor, if available; and (e) any other proof confirming that there is no payment of any unpaid operational debt by the corporate debtor or such other information, as may be prescribed. (4) An operational creditor initiating a corporate insolvency resolution process under this section, may propose a resolution professional to act as an interim resolution professional. (5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority. (6) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (5) of this section. 7. While applying aforementioned provisions over the facts of the present matter, it is seen that the CD has not raised any dispute over quality or quantity of goods supplied by the OC. It is reiterated that the CD vide letter dated 09.06.2018 has acknowledged its liability to pay the outstanding dues of OC. Materials were supplied, invoices were raised and no dispute in respect of material supplied has been raised by CD. The applicant has placed sufficient evidence in support of its claim. Going by the above details, the OC has clearly established the existence of debt and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lose, recover or enforce any security interest created by the CD in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the CD. 12. The supply of the essential goods or services to the CD as may be specified, are not to be terminated or suspended or interrupted during the moratorium period [Sec 14(2) of the Code]. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government in consultation with any financial regulator. In addition, as per the Inso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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