9911796707
TMI Blog2019 (9) TMI 1577X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor was served with notice before admission however, corporate debtor remained absent and it did not contest the claim. The operational creditor has been able to establish un disputed debt against corporate debtor and the corporate debtor has been in default with regard to the payment of dues to the operational creditor amounting to ₹ 1,89,02,200/-. The Operational creditor is able to establish through documents that corporate debtor committed default of operational debt and there is no pre existing dispute. Thus, this Petition is complete and is liable to be admitted. The Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt claimed by the applicant. The applicant by letter dated 29.05.2004 submitted the proforma invoice and called upon the respondent to release the retention amount. of ₹ 3,20,000/- besides initial huge outstanding amount of ₹ 21,40,000/-( totaling -₹ 24,60,000/-). However, respondent did not release any amount against the outstanding amount of ₹ 24,60,000/- c. The applicant had sent a legal notice dated 12.05.2006 to the respondent calling upon the respondent to make payment of the debt along with interest at the rate of 24% p.a. for which the respondent replied to the legal notice dated 22.05.2006 making frivolous claims and bald allegations. d. The applicant thereafter sent a notice dated 31.08.2006 to the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t further averred that On 22-01-19 the applicant issued a Form 3 along with From 4 as required under Section 8 of the I B Code, 2016 to the respondent demanding total a sum of ₹ 1,89,02,200/- inclusive of 24% interest calculated till the date of notice i.e., 22-01-2019. A Copy of the notice is annexed as Annexure -- F. 3. The Operational Creditor filed Form-5. It is clear from the record that Operational Creditor sent Demand Notice in Form3 to the corporate debtor to its address. Operational Creditor also filed Arbitral Award marked as Annexure-C. The Operational Creditor also filed copy of Hon ble Additional Chief Judge Order marked as Annexure-D. The Operational Creditor also filed copy of the Demand notice for payment of awarded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational creditor is able to establish through documents that corporate debtor committed default of operational debt and there is no pre existing dispute. Thus, this Petition is complete and is liable to be admitted. 7. The operational creditor in his application filed under section 9 before this Tribunal has requested the Tribunal to suggest the name IRP as per the discretion of this Tribunal. The Insolvency and Bankruptcy Board of India (IBBI) has recommended a panel of Insolvency Professionals for appointment as Insolvency Resolution Professional for the period 1% July 2019 to 31st December, 2019 in compliance with Section 16(3)(a) of the Code in order to avoid delay. Accordingly, this Tribunal appoints Mr. Chillale Rajesh, having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erminated or suspended or interrupted during moratorium period. (3) That the provisions of sub-section (1) of Section 14 Shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17,18,19,20, and 21 of the Code. He must follow best practices and principles of fairness which are to apply at various stages of CIRP. His Conduct should be above Board and independent and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters ..... X X X X Extracts X X X X X X X X Extracts X X X X
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