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TMI Blog2022 (1) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... d to satisfy that there is a pre-existing dispute. The mails which the corporate debtor is annexing is with respect to the rejection of the reports, which operational Creditor has resubmitted but Corporate debtor has concealed the fact of resubmission. As per the clauses mentioned in the Purchase order, for every failed report, Corporate debtor is entitled for resubmission and if there is delay in resubmission, there are provisions of Penalty which according to us does not negates the existence of default and Operational Creditor has sufficiently placed all the records, accounts, bank statements, invoices raised and summary of outstanding dues and establishes the existence of default as per the provisions of Section 9 of the IBC, 2016. The Application is complete in respect of Sec. 9(5)(i) of the provisions of Insolvency and Bankruptcy Code, 2016 and liable to be ADMITTED. Application admitted - moratorium declared. - IB-412/ND/2020 - - - Dated:- 19-1-2022 - Abni Ranjan Kumar Sinha, Member (J) And Avinash K. Srivastava, Member (T) For the Appellant : Aman Varma, Adv. For the Respondents : Jeetender Gupta, Adv. ORDER Avinash K. Srivastava, Member (T) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor is involved in the business of Tech systems, Infrastructure Intelligent Transport Solutions and Corporate debtor has been further engaged by M/s. Indian Highways Management Company Limited (IHMCL) as a contractor for various highway projects being managed by IHMCL. For the same reason, Corporate debtor has entered into a business transaction with operational creditor for carrying out traffic survey and traffic data analysis and Corporate debtor has issued purchase orders No. Datacorp/1047/3581 and Datacorp/1047/2582 dated 08.07.2015. Corporate Debtor alleged that as per the terms of contract between them, any survey report submitted by the operational creditor will only be liable to payment once it has passed the validation process of IHMCL Control Centre followed by Validation Certificate from IHMCL. IHMCL may reject the survey altogether if erroneous data is uploaded twice or if it object to the quality of the video submitted. Clause 6 of the terms and conditions of the contract is referred. In every case of delayed report, there is a provision of penalty of ₹ 5000 per day will be levied and if same report gets rejected in second attempt, the survey wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ust trying to get its dues clear and called upon the Corporate Debtor to make the payment of the outstanding dues. In fact the Corporate Debtor itself replied to the Operational Creditor's Legal notice via letter dated 10th October, 2019 admitting an amount of 1,93,23,609/- subject to provision of proper Accounts statements by Operational Creditor. Operational Creditor has annexed the relevant documents pertaining to the pending payments due from Corporate debtor, Ledger showing the detailed calculation of total payment receivable from Corporate Debtor Annexure G etc. which proves that a default has occurred and a payment was due from the Corporate Debtor. However, the Corporate Debtor failed and neglected to make payment due to the Operational Creditor. Copies of the aforesaid invoices/purchase orders, pending invoices along with demand notice and postal receipt sent as per Section 8 of the Insolvency and Bankruptcy Code, 2016 are annexed and marked as Annexure D, E, I, J(colly.) of the paper book. Copies of the Ledger Account of the Corporate Debtor maintained by the Operational Creditor and Copy of Bank Statements of Operational Creditor are annexed herewith and marked as An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-section (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under sub-section (2) of section 8, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process. (2) The application under sub-section (1) shall be filed in such form and manner and accompanied with such fee as may be prescribed. (3) The operational creditor shall, along with the application furnish-- (a) a copy of the invoice demanding payment or demand notice delivered by the operational creditor to the corporate debtor; (b) an affidavit to the effect that there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt; (c) a copy of the certificate from the financial institutions maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor, if available; and (d) such other information as may be specified. (d) a copy of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd liable to be ADMITTED. 10. Accordingly, we hereby Admit the application. Corporate Insolvency Resolution is initiated against the Corporate debtor. A moratorium in terms of Section 14 of the IBC, 2016 shall come into effect forthwith staying:- (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 or 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 Securitisation 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. Further: (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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