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TMI Blog2020 (8) TMI 878X X X X Extracts X X X X X X X X Extracts X X X X ..... lete, there is no payment of unpaid operational debt despite receipt of the demand notice, and there is no disciplinary proceeding pending against the insolvency resolution professional. Application admitted - moratorium declared. - I.A. (IB) No. 602/KB/2020 and C.P. (I.B) No.767/KB/2020 - - - Dated:- 12-8-2020 - Shri Jinan K.R., J. For the Appellant: Mr. Joy Saha, Senior, Mr. Aishwarya Kumar Awasthi, For the Respondent: Mr. Supriyo Gole (AOR), Mr. Zeeshan Haque, Advocate ORDER Shri Jinan K.R., J. 1. Universal International Creation Limited, an operational creditor (in short OC) having its office at Hong Kong filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, I B Code), read with Rule 11 of the National Company Law Tribunal Rules, 2016, against M/s. Sarga Hotel Private Limited, the Corporate Debtor (in short CD) for not making the payment of $324,021.71 (Three Hundred Twenty Four Thousand and Twenty One Dollars And Seventy One Cents Only), which has become due and payable by the Corporate Debtor to the Operational Creditor, which is equivalent to ₹ 2,30,06, 458.39 (Rupees Two Crore Thirty Lakhs Six Thousa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were accepted by the corporate debtor without any dispute regarding the materials supplied. 4. He further submitted that the Operational Creditor has successfully completed and fulfilled all its obligations under the aforementioned Purchase Orders without any dispute being raised by the Corporate Debtor in this regard. Running and continuous accounts were maintained by the Operational Creditor and Corporate Debtor and part-payments were made against the invoices/bills raised for the same and the last payment was made by the Corporate Debtor on June 07, 2017. However, after adjusting the payments received so far by the Operational Creditor from the Corporate Debtor, a principal amount of $324, 021.71 (Three Hundred Twenty Four Thousand And Twenty One Dollars And Seventy One Cents Only) remains due and payable by the Corporate Debtor to the Operational Creditor towards certain unpaid invoices and in rupees, it amounts to ₹ 2,30,06,458.39 (Rupees Two Crore Thirty Lakhs Six Thousand Four Hundred and Fifty Eight and Thirty Nine Paise Only) being the exchange value of (foreign currency denominated). 5. According to him, despite a number of verbal as well as written requests ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. This is also not a recovery proceeding. The operational creditor in the instant case is resorting to coercive tactics by filing application under section 9 of IBC 2016 to recover their dues, which is not permissible and which is not the objective of IBC, 2016. Thus, this Hon ble Tribunal should not entertain the petition as this is not a recovery proceeding. 9. Having heard the Ld.Counsel on both sides and upon perusal of the application and the documents, I am satisfied that the OC has succeeded in placing all the relevant documents so as to comply with the requirements to be meted out u/s.9 (3) of the Code. Pressing for an order of injunction in a case of this nature does not by itself indicate that this application was filed by the OC for recovery of money found admittedly due to the OC. Therefore the submission that the intention on the side of the OC is not to initiate CIRP but to initiate recovery proceedings is devoid of any merit. The application therefore is perfectly maintainable u/s. 9 of the Code. 10. Coming to the default, and the CD liability to pay the amount as demanded by the OC here in this case no dispute. On the other hand the admitted correspondence lett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by 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 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. v. The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. vi. The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii. The order of moratorium shall have effect from the date of admission till the completion of the Corporate Insol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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