9911796707
TMI Blog2021 (11) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... same, it is held that the demand notice has been duly served. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- It could be seen that the corporate debtor has chosen not to file reply to the petition despite being granted 3 weeks to do so nor has corporate debtor entered into appearance after 27.01.2020. It is deposed by the operational creditor that no reply has been received to the demand notice dated 25.04.2019 from the corporate debtors. It is also deposed that there is no dispute of unpaid operational debt pending between the parties in any court of law or any other authority. It implies that there is no dispute in relation to the debt claimed as per Part IV of Form 5. Whether this application i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;/'Code'), by M/s. Trust Commodities Pvt. Ltd. (for brevity 'Operational Creditor'/'Petitioner'), represented by its Director Mr. Pallav Singhal, with a prayer to initiate Corporate Insolvency Process (CIRP) in case of Nuova Proteins Private Ltd. (for brevity 'Corporate Debtor'/'Respondent'). There is an affidavit of Mr. Pallav Singhal in support of the contents of the application dated 09.07.2019 at page 33 of the petition. The Board Resolution dated 30.05.2019 authorising Mr. Pallav Singhal to represent the company in the present application is attached as Annexure A-1. 2. The Corporate Debtor namely, Nuova Proteins Private Limited, is a Company incorporated on 28.06.2007 under the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the ledger account ranging from 01.04.2017 to 08.04.2019 has been attached as Annexure A-3 (Colly) of the petition. 4. A demand notice in Form 3 dated 25.04.2019 is stated to be served upon the corporate debtor by speed post on 02.05.2019 as per the tracking report attached as Annexure A-6 (Colly). The corporate debtor vide the demand notice was called upon to repay the total unpaid operational debt of ₹ 4,33,454/- within 10 days of receipt of the demand notice or provide details of a dispute, if any. 5. Notice of this petition was issued to the corporate debtor on 21.11.2019 and an opportunity to file reply was granted. The petitioner was also directed to send notice along with the entire paper book and e-mail to the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uly served. 9. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It could be seen that the corporate debtor has chosen not to file reply to the petition despite being granted 3 weeks to do so nor has corporate debtor entered into appearance after 27.01.2020. It is deposed by the operational creditor that no reply has been received to the demand notice dated 25.04.2019 from the corporate debtors. It is also deposed that there is no dispute of unpaid operational debt pending between the parties in any court of law or any other authority. It implies that there is no dispute in relation to the debt claimed as per Part IV of Form 5. 10. The other issue for consideration is whether this a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition 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 and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: (a) 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 debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene the first meeting of the Committee within seven days of filling the report of Constitution of the Committee. The Interim Resolution Professional is further directed to send regular progress reports to this Tribunal every fortnight. 14. The operational creditor has not recommended any Interim Resolution Professional. In this regard a letter bearing File No. 25/02/2021-NCLT dated 01.07.2021 has been received from National Company Law Tribunal, New Delhi forwarding therewith a copy of letter No. IP-12011/1/2020-IBBI/1013/1965 dated 30.06.2021 along with the guidelines and the panel of resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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