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TMI Blog2020 (8) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... ng any dispute regarding the transactions, invoices or the amount payable.This Bench has no doubt that at least an amount of ₹ 90,49,843/- is a liability which is due from Risa International Limited and qualifies as Operational Debt both in terms of Section 3(11) and Section 5(21) of the IBC, 2016 - Application under sub-section (2) of Section 9 of I B Code, 2016 filed by the Operational Creditor for initiation of CIRP in prescribed Form5, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing operational debt beyond the threshold limit against the Corporate Debtor and its default is also proved. The application filed under section 9 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the Corporate Debtor deserves to be admitted - Application admitted - moratorium declared. - CP (IB) 4137/MB/2018 - - - Dated:- 31-8-2020 - Hon'ble Smt. Suchitra Kanuparthi, Member (Judicial) And Hon'ble Shri. Chandra Bhan Singh, Member (Technical) For the Operational Creditor: Shahbaz Pathan a/w Nikita Abhyankar i/b Kavita Sharma, Advocates. For the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the Petitioner s dues was ₹ 30,30,000/-made on 22.09.2016 in respect of the said running account, which is maintained by TEPL. A sum of ₹ 23,23,992/- was adjusted against the previous invoices raised by the Petitioner and ₹ 7,06,008/- was adjusted as part-payment towards the Invoice No. TEPL/RIL/024/14-15 leaving behind ₹ 10,78,632/- recoverable against said invoice. A sum of ₹ 79,71,211/- is recoverable against other invoices aggregating to ₹ 90,49,843/ being the total principal amount outstanding. 8. The Corporate Debtor approached the Petitioner for procuring fabric under mutually agreed conditions. The Petitioner has been supplying goods to the Corporate Debtor since September, 2013. The ledger account statement of the Corporate Debtor as maintained by TEPL for the years 2013-14, 2014-15, 2015-16, 2016-17 and 2017-18 and April 2018 to September 2018 is attached to the said petition. 9. The Petitioner maintained running books of accounts of the Corporate Debtor regarding the above said transactions and invoices and such books of accounts inflict an outstanding debt of ₹ 90,49,843/-. In respect of the above said invoices, vario ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agreed terms and conditions. All the six invoices and delivery challans raised by the Petitioner are false and fabricated and are denied by the Corporate Debtor. The Petitioner has not relied upon any purchase orders placed on behalf of the Corporate Debtor in respect of these invoices. SUBMISSIONS BY THE PETITIONER IN REJOINDER 13. The Petitioner filed a rejoinder and made submissions as follows: a. The Petitioner denies that the demand notice is not served upon the Corporate Debtor and further denies that the Petitioner has directly handed over acopy of the petition before any order was passed by this Hon ble Tribunal. b. The Petitioner further states that the address of the Corporate Debtor as mentioned in the acknowledgement card (at page 78 of the petition), is to the knowledge of the Petitioner, the said office is being used by the Directors of the Corporate Debtor and their relatives. It is pertinent to note that the annual report of the Corporate Debtor for the year 2018-19 shows the same address as the registered address of the Corporate Debtor. c. The copy of the petition was duly served on the Corporate Debtor and the same was duly acknowledged by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner can claim interest on the amount due in terms of Section 16 of MSMED Act; Where any buyer fails to make payment of the amount to the supplier, as required under section 15, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at three times of the bank rate notified by the Reserve Bank. 18. The Corporate Debtor has not been able to produce a single piece of paper which points towards it raising any dispute regarding the transactions, invoices or the amount payable.This Bench has no doubt that at least an amount of ₹ 90,49,843/- is a liability which is due from Risa International Limited and qualifies as Operational Debt both in terms of Section 3(11) and Section 5(21) of the IBC, 2016. This Bench also concludes that there is a default in terms of Section 3(12) of the IBC, 2016 which defines default as .non-payment of Debt when whole or any part or instalment of the amount of d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the provisions of sub-section (1) of Section 14 of I B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I B Code. VI. That this Bench at this moment appoints Mr. Sanjiv Kumar Arora, a registered Insolvency Resolution Professional having Registration Number [IBBI/IPA-001/IP-P01462/2018- 19/12390]as Interim Resolution Professional to carry out the functions as mentioned under I B Code. The fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. VII. Having admitted the Petition/Application, the provisions of Moratorium as prescribed under Section ..... 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