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TMI Blog2022 (4) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... e of some dispute with regards to the material supplied. However, no documents/communication has been annexed to prove the existence of any dispute. Hence, it appears to be an illusionary dispute. The present application is complete and the Operational Creditor is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application is admitted. Application admitted - moratorium declared. - Company Petition No. IB-2642/PB/2019 - - - Dated:- 18-4-2022 - Abni Ranjan Kumar Sinha, Member (J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Gursat Singh Vachher, Advocate For the Respondents : M.K. Jha, Advocate ORDER Hemant Kumar Sarangi, Member (T) 1. The present application is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016'), read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules'), by M/s. Vikas Scaffolding Systems (for brevity 'Applicant'), through its Sole Proprietor Mrs. Seema Saini, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.04.2012 till 30.06.2019. 7. That between 10.08.2016 and 15.08.2018, the Corporate Debtor had made certain ad-hoc payments, in response to the constant communications, which were underway between the Corporate Debtor and the Operational Creditor. However, after 15.08.2018, till date, no payments whatsoever, had been credited in favour of the Operational Creditor, thereby resulting in an outstanding operational debt of ₹ 8,07,752/- in favour of the Operational Creditor. That as provided in the respective invoices, any delay in clearance of invoices, was specified to attract interest at 18% per annum. Consequently, as of Ledger Closing for 2019, a total outstanding amount of ₹ 11,75,995.96/- (including principal amount + interest) was due and payable by the Corporate Debtor in favour of the Operational Creditor. 8. The Applicant further states that given the fact that the liabilities qua the Corporate Debtor in the books of the Operational Creditor, had amounted to unpaid operational debt, in the books and were mounting, on account of interest component, the Operational Creditor had sent several messages, engaged in telephonic conversations and oral reminders etc. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 25.01.2017 and 06.05.2017 of ₹ 2,00,000/- and ₹ 1,50,000/- respectively thereby totaling to ₹ 3,50,000/-. (ii) As per the statement of account maintained by the corporate debtor, only an amount of ₹ 2,57,752/- is due and not ₹ 8,07,752/- as pleaded in the petition by the operational creditor. Furthermore, even this amount of ₹ 2,57,572/- is highly disputed as there are issues between the corporate debtor and the operational creditor w.r.t. materials and/or scaffoldings provided. The ultimate employer of the corporate debtor, owing to the faulty materials and scaffoldings provided by the operational creditor, has blocked the payment w.r.t. the same. (vii) The corporate debtor always was ready and willing to tender the legal amount of ₹ 2,57,752/-, however, the operational creditor has denied the same on the pretext of extracting illegal money. Thus on this ground alone the instant petition is liable to be rejected. 15. In Innoventive Industries Ltd. (Supra) , the Hon'ble Supreme Court held that pre-existing dispute is the dispute raised before demand notice or invoices was received by the 'Corporate Debtor'. Any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuated in New Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 21. The Operational Creditor has not proposed the name of any Interim Resolution Professional. In view of the same, this Bench appoints Mr. Satya Prakash, having registration No. IBBI/IPA-002/IP-N00906/2019-20/12920, email address is cs@[email protected], as the IRP of the Corporate Debtor. The IRP is directed to take all such steps, as are required under the statute, more specifically in terms of Sections 15, 17, 18, 20 and 21 of the I B Code, as per the following directions:- a. The Moratorium is hereby declared prohibiting all of the following actions, namely, i. 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, ii. Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; iii. any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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