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TMI Blog2021 (6) TMI 896X X X X Extracts X X X X X X X X Extracts X X X X ..... isputed by the corporate debtor? - HELD THAT:- The respondent-corporate debtor has filed reply and admitted the occurrence of default towards operational creditor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. Existence of debt and default - HELD THAT:- It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 lac by the respondent-corporate debtor. The present petition being complete and having established the def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sdiction lies with this Adjudicating Authority. The Authorized Share Capital of the Respondent Company is ₹ 5,00,00,000/- and Paid-Up Share Capital of the Company is ₹ 2,87,00,000/-. Copy of Master Data of corporate debtor is found attached as Annexure-B of petition. 3. The facts of the case, briefly, as stated in the petition are that the corporate debtor sought the service of petitioner for assisting, controlling and review of overall affairs of the company as a virtual CFO. The remuneration of the petitioner was decided at ₹ 75,000/- per month to be invoiced on quarterly basis. Copy of service agreement dated 02.07.2019 is found attached as Annexure-F of the petition. The petitioner has raised an invoice of ₹ 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the petitioner that the demand notice was issued to the corporate debtor vide speed post and the same has been delivered successfully. It is also deposed that the operational creditor has received reply in which corporate debtor has accepted the unpaid operational debt. The affidavit is appended with the petition at Page No. 20 to 22. 7. In Part III of Form 5, the operational creditor has proposed Mr. Pawan Kumar Agrawal, bearing registration No. IBBI/IPA-001/IP-P00852/2017-18/11435 as the Interim Resolution Professional. The consent of the proposed IRP furnished in Form 2 dated 26.02.2020 is placed at page 23 to 29, in which he has stated that he is currently serving as a Resolution Professional in two other proceedings. It is also st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication filed in the Form No. 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of ₹ 2,43,000/- as on 31.10.2019. Copy of service agreement executed between operational creditor and corporate debtor is appended as Annexure F of the petition. It can be seen that as per service agreement a monthly professional fees of ₹ 75,000/- has been fixed. Operational creditor has raised an invoice No. 09A/Oct/2019-20 dated 01.10.2019 in lieu of the services provided to corporate debtor. Ledger account of corporate debtor maintained by operational creditor is attached as Annexure H of the petition. Afterwards, petitioner sent reminder letter (Annexure F) vide speed post on 27.01.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor 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 corporate debtor. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. (f) The provisions of Section 14(3) shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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