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TMI Blog2021 (11) TMI 184X X X X Extracts X X X X X X X X Extracts X X X X ..... s per ledger account of corporate debtor maintained with operational creditor from 01.04.2018 to 31.03.2020 (Annexure P-5); an outstanding balance of ₹ 28,90,257/- is due and payable by corporate debtor. 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 lakh by the respondent-corporate debtor. The present petition being complete and having established the default in payment of the Operational Debt for the default amount being above ₹ 1,00,000/-, the petition is admitted in terms of Section 9 of the IBC - Moratorium declared. - CA No. 716/2019 and CP (IB) No. 327/Chd/Pb/2019 - - - Dated:- 6-10-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Pankaj Khullar, Advocate JUDGMENT Ajay Kumar Vatsavayi, Member (J) 1. The present petition is filed, under Section 9 of the Insolvency and Bankruptcy Code, (for brevity 'IBC'/'Code'), 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for payment by petitioner with his banker but the same are returned unpaid with remarks Funds Insufficient for one cheque and Crossed to two banks for other two cheques. Copy of cheque return memo along with cheques are attached as Annexure P-8 (Colly) of the petition. Thereafter, a legal notice dated 07.03.2019 (Annexure P-10) under Section 138 of Negotiable Instruments Act was issued demanding payment of aforesaid cheques within 15 days. As per Part-IV of Form 5, the total amount claimed to be in default is ₹ 28,90,257/- (along with interest @ 21% per annum) and date of default is stated to be 18.12.2018. 4. It is stated that the respondent-corporate debtor has failed to discharge its obligation towards the applicant-operational creditor, in as much as it failed to make the payment due to the applicant-operational creditor. 5. A demand notice in Form 3 dated 13.02.2019 (Annexure P-11) is stated to be served upon the corporate debtor by speed post. The demand notice was accompanied by copy of purchase order dated 16.10.2018 and copy of invoices dated 17.10.2018, 19.10.2018 at 19.10.2018. Original postal receipt and copy of tracking report are attached as Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for the petitioner. Order reserved in CP and CA. 9. We have heard the learned counsel for the petitioner and have perused the records. 10. The first issue for consideration is whether the demand notice in Form 3 dated 13.02.2019 was properly served. The demand notice was sent to the registered address of the corporate debtor as per the master data at Annexure P-6 (Page No. 46) of the application in which registered office is shown as Village Bassikalekhan PO Hariana Hoshiarpur Punjab. Original postal receipt and copy of tracking report showing duly service of notice are at Annexure-P-12 (Page Nos. 55 and 56). 11. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The operational creditor has attached copy of various invoices (Annexures P2 to P4) in order to prove the debt. A demand Notice dated 13.02.2019 has been sent by operational creditor demanding payment of unpaid operational debt of ₹ 28,90,257/-. After the service of demand notice, corporate debtor wrote an e-mail dated 24.04.2019 (Annexure P-13) wherein it is stated that company is unable to pay the debt. It can be seen that even after service of Demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, 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; (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 however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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