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TMI Blog2021 (12) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... g ₹ 74,52,807/- as interest @ 18% per annum). Based on documents on record, it is held that the demand notice in Form No.3 was properly delivered by the petitioner and no pre-existing dispute is proved. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. The petitioner states that from the facts, that it is clear that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 Crore by the respondent-corporate debtor. In the present petition all the requirements have been satisfied. It is seen that the petition preferred by petitioner 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 petitioner - petition admitted - moratorium declared. - CP (IB) No.41/Chd/Hry/2019 - - - Dated:- 21-12-2021 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) HON BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h. As a consequences of which arrears of rent started increasing every month, further the last payment of ₹ 6, 07, 500/- made by the corporate debtor in the month of August, 2018. The aggregate amount of the arrears of rent up to October, 2018 has become ₹ 2,53,48,917/-. In part IV of the form-5 the total amount of debt outstanding is ₹ 3, 28,01,724/- (including interest of ₹ 74,52,807/- up to October, 2018, the date of default is stated to be August, 2018 when the last payment of the rent was made. 4. A demand notice in Form 3 dated 31.10.2018 is stated to have been served upon the Corporate Debtor by speed post on 02.11.2018 (Annexure A-15 of the petition). The corporate debtor vide this demand notice was called upon to repay the total unpaid operational debt (in default) of ₹ 3,28,01,724/- (including ₹ 74,52,807/- as interest @ 18% per annum) within 10 days from the receipt of the notice. The demand notice was accompanied by Lease Deed dated 05.01.2015. The original postal receipts showing the issuance of demand notice at the registered address of the corporate debtor and the tracking reports showing the delivery of demand notice to the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the petitioner as well as corporate debtor and have also perused the records. . 13. The first issue for consideration is whether the demand notice in Form No.3 was properly served. The demand notice was sent by the post at the registered address of the Corporate Debtor. The original postal receipts are attached as Annexure A-14 of the petition. The tracking report which is attached as Annexure A-15 of the petition shows that the demand notice was duly served to the corporate debtor. 14. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. There is no such evidence placed on record by the corporate debtor that there is some pre-existing dispute regarding the revised rent with respect to the lease deed in his reply. Also the corporate debtor has not approached any legal forum for redressal of his grievance with respect to unpaid operational debt. 15. We have gone through the contents of the petition filed in Form No.5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of ₹ 3,28,01,724/- (including ₹ 74,52,807/- as interest @ 18% per annum). Based on doc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, 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 Operational 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. 20. 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. 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 operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 21. The order of moratorium shall have effect from the date of this order till completion of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, 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 first meeting of the Committee within seven days of filing the report of constitution of the Committee; and vii.) The Interim Resolution Professional is directed to send regular progress report to this Tribunal every fortnight. 23. The petitioner is directed to deposit an amount of ₹ 2,00,000/- (Rupees Two Lakhs) with the Interim Resolution Professional to meet the immediate ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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