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TMI Blog2021 (6) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... and the account being maintained on a running account basis, the present Application under Section 9 of IBC, 2016 has been filed by the Operational Creditor before this Tribunal on 26.09.2019 and as such it falls well within the period of limitation. The Petition as filed by the Operational Creditor is required to be admitted under Section 9(5) of the IBC, 2016 - moratorium declared. - IBA/1237/2019 - - - Dated:- 4-6-2021 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : K. Ravi, Advocate ORDER R. Varadharajan, Member (J) 1. Under Adjudication is an Application that has been filed by M/s. Precifine Die and Casting (hereinafter referred to as 'Operational Creditor') under Section 9 of the Insolvency Bankruptcy Code 2016 (in short, 'I B Code, 2016') r/w Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. UCAL Auto Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been maintaining a running current account in relation to the Corporate Debtor. As against the Statement of Account/Ledger maintained by the Operational Creditor, a sum of ₹ 83,38,396.74/- is still due and payable by the Corporate Debtor, apart from the interest for a sum of ₹ 39,34,163.55/-. The copy of the statement of account/ledger as maintained by the Operational Creditor is placed at pages 323 to 335 of the typed set filed along with the Application. 6. The Learned Counsel for the Operational Creditor submitted that on various occasion, the Operational Creditor has requested the Corporate Debtor to clear off the pending due amount by way of email and by making personal visits, however all such request have yielded no fruitful result and the Corporate Debtor has willfully neglected to pay the dues to the Operational Creditor. 7. It was submitted that the Operational Creditor issued a Demand Notice as mandated under Section 8 of IBC, 2016 to the Corporate Debtor on 06.02.2019 and the same was delivered on 08.02.2019 and it was submitted that after receiving the Demand Notice, the Corporate Debtor has failed to clear the dues of the Operational Creditor wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the pleadings placed on record. It is seen from averments made in the counter that the Corporate Debtor has stated that there exist a dispute between the parties as to the quality of goods supplied by the Operational Creditor. However, the Corporate Debtor has miserably failed to place on record any document to substantiate such statement made in the counter. Further the Corporate Debtor has also failed to bring to the notice of this Tribunal any correspondence being sent to the Operational Creditor before the issuance of the Demand Notice, in relation to the quality of goods being supplied by the Operational Creditor. It is only for the first time in the counter, the Corporate Debtor is trying to take such defence in order to defeat the claim of the Operational Creditor. 12. Further, from the minutes of the meeting held on 25.05.2017, between the parties, it is seen that the Corporate Debtor has promised the Operational Creditor to pay of all the dues along with interest. However, now the Corporate Debtor is trying to raise a spurious defence that the goods delivered by the Operational Creditor were of inferior quality and the Corporate Debtor also not placed on record any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency Resolution Professional, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India applicable for the period between January - June 2021 appoints Mr. Narayanan Seshasayee, Registration No. IBBI/IPA-002/IP-N01015/2020-2021/13292 (email:- [email protected]) as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9(5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 19. The Operational Creditor is directed to pay a sum of ₹ 2,00,000/- (Rupees Two Lakhs Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out the expenses to perform the functions assigned to her in accordance to Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 20. Based on the above terms, the Application stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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