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TMI Blog2021 (7) TMI 500X X X X Extracts X X X X X X X X Extracts X X X X ..... ead with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') for initiation of Corporate Insolvency Resolution Process in respect of Respondent Company namely, Genius Exports Private Limited claimed to be the Corporate Debtor. 2. The Respondent, Genius Exports Private Limited against whom initiation of Corporate Insolvency Resolution Process has been prayed for, is a company incorporated on 01.08.2011 under the provisions of the Companies Act, 1956 having its registered office at C-128/2, 1st Floor, Mohammadpur, Bhikaji Cama Place. New Delhi-110066. Since the registered office of the respondent Corporate Debtor is in Delhi, this Tribunal having territorial jurisdicti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant is disputed and the present application should not be allowed. 7. Heard the parties and perused the case records. 8. Needless to say, that the expressions "Operational Creditor" and "Operational debt" have been defined in Section 5(20) and 5(21) of the Code, which are reproduced below: "5. In this part, unless the context otherwise requires, - (20) "operational creditor" means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; (21) "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to the Central ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent. In response to Section 8 notice, respondent Corporate Debtor has sent its reply. However, no pre-existing dispute regarding the services rendered by the applicant has been claimed or proved by the respondent. The respondent has claimed that various payments through different companies have been made to applicant, however, it could not be proved by respondent that the said payments are part of same transaction. 14. The respondent has not placed any communication or proof regarding existence of dispute between the parties in respect of services rendered. The respondent has raised objection that the applicant left his services midway and Balance Sheet for the F.Y. 2018-19 was completed by another auditor and hence the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? " 18. In the present application all the aforesaid requirements have been satisfied. It is seen that the application preferred by applicant operational creditor is complete in all respect. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the applicant operational creditor. The respondent failed to show that the claim of applicant is disputed. Once, the application is complete and in the absence of any dispute and with the subsistence of default, the application is liable to be admitted. 19. Therefore, on fulfillment of requirements of Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 23. The supply of the essential goods or services to the Corporate Debtor 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 Insolvency and Bankruptcy Code (Amendment) Act, 2018, the provisions of moratorium shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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