9911796707
TMI Blog2022 (4) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... to initiate Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") in respect of M/s. IMP Powers Ltd. (hereinafter referred to as "the Corporate Debtor") on a ground that Corporate Debtor committed default in paying an Operational Debt to the tune of Rs. 40,33,500/- (as principal debt due). The date of default is stated to be 15.11.2019. This application is filed on 06.03.2020, i.e. prior to the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, whereby the default amount is raised up to Rs. 1,00,00,000/- (Rupees One Crore) from Rs. 1,00,000/- (Rupees One Lakh) as per Section 4 of the IBC. 2. It is noted that in view of the order dated 22.11.2019 passed by the Hon'ble NCLT, Princ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dilip Kumar Yadav, appeared in the proceeding. He filed affidavit in reply. (iv) In para-7 of the affidavit in reply, the Corporate Debtor contended that the Operational Creditor failed to perform and comply with the terms and conditions of the work order. In para-8, it is contended that the Corporate Debtor has totally paid a sum of Rs. 51,28,140/- to the Operational Creditor. Again in para-11 of the affidavit in reply, the Corporate Debtor contended that an email dated 12.04.2019 the Operational Creditor claimed an outstanding amount of Rs. 43,38,500/-. In para-13, it is contended that an amount of Rs. 5,00,000/- was paid through RTGS to the Operational Creditor. The Corporate Debtor gave details of account of each Invoice in order to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have gone through the evidence and material on record, the Corporate Debtor raises two defences, i.e. (i) that there is pre-existing dispute pending in between them; and (ii) nothing is due and payable to the Operational Creditor. 6. At the outset, we note that it is not necessary for us to go into the meticulous calculation put forth by both the parties so as to decide what would be the debt amount (if any) payable by the Corporate Debtor to the Operational Creditor. If the outstanding operational debt amount goes beyond Rs. 1,00,000/- (threshold limit provided under Section 4 of the IBC prior to notification dated 24th March 2020) and if there is no pre-existing dispute, then we have to admit the Corporate Debtor in Corporate Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... final settlement. If according to the Corporate Debtor, nothing was due and payable by it to the Operational Creditor then for what it has offered above amount towards settlement? The Corporate Debtor has no reply. 9. The Operational Creditor has filed on record certain documents. They show that on 05.04.2019, the Corporate Debtor admitted and acknowledged that a sum of Rs. 43,48,950/- was due and payable by the Corporate to the Operational Creditor. On 08.05.2019 the Corporate Debtor again admitted and acknowledged sum of Rs. 43,48,950/- due and payable to the Operational Creditor. Again the same day, the Corporate Debtor issued another Balance Confirmation letter thereby admitting the outstanding of Rs. 38,48,950/- to be payable to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 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. 3) The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 7) It is further directed that the supply of goods/service to the Corporate Debtor Company, it continuing, shall not be terminated or suspended or interrupted during moratorium period. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor is directed to pay an advance of Rs. 1,00,000/- (Rupees One Lakh Only) to the IRP within two weeks from the date of receipt of this o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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