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TMI Blog2022 (5) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Corporate Debtor on several occasions. On the basis of the evidences on record the Operational Creditor has established that he has delivered services to the Corporate Debtor Company for which an amount of Rs. 12,85,64,268/- is due and a default has also occurred. Considering these facts and circumstances, the nature of the Debt is an 'Operational Debt' as defined under section 5 (21) of the Definitions under The Code. There is a Default as defined under section 3 (12) of The Code on the part of the Debtor - On perusal of notice sent under Section 8 (2) of the Code and it came to the notice that the Corporate Debtor has received the same but has not paid the amount of unpaid due. Further, if the Debtor wanted to place o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tcy Code, 2016 (hereinafter called Code ) read with Rule 6 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 12,85,64,268/-. 3. The Submissions of the Operational Creditor are as follows: a. The Operational Creditor states that the Corporate Debtor is liable to pay an amount of Rs. 12,85,64,268/- which is due for the supply of Digital Video Recorder. b. The Operational Creditor further states that a Demand Notice dated 15.09.2018 under section 8 of the Code thereby demanding payment in respect of unpaid Operational Debt due from the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (verbal as well as written) for the payment of the outstanding amount, the Corporate Debtor willfully and/or deliberately failed and neglected to make payment of the said outstanding dues. e. The Operational Creditor has also annexed copy of Bank Statement for the year 07.04.2016 till 10.10.2018. The Operational Creditor has also annexed Certificate under Section 9 (3) (c) of the Insolvency and Bankruptcy Code dated 10.10.2018 by Union Bank of India confirming that there is no payment of unpaid Operational Debt from the Corporate Debtor. f. The Operational Creditor has also submitted the ledger account of the Corporate Debtor in the books of the Operational Creditor for the year ended 01.04.2005 to 30.09.2018 which corroborates t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod 07.04.2016 till 10.10.2018 to corroborate his claim. 8. The Operational Creditor has also produced on record a copy of Certificate from Union Bank of India, wherein the Operational Creditor was maintaining accounts as to no payment of unpaid Operational Debt of Rs. 12,85,64,268/- was received from the Corporate Debtor. 9. Further, on the basis of the evidences on record the Operational Creditor has established that he has delivered services to the Corporate Debtor Company for which an amount of Rs. 12,85,64,268/- is due and a default has also occurred. Considering these facts and circumstances, the nature of the Debt is an 'Operational Debt' as defined under section 5 (21) of the Definitions under The Code. There is a De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l necessary legal ingredients for admission under Section 9 of the Code. 13. For the foregoing reasons, the above Company Petition is liable to be admitted, and accordingly the same is admitted by passing the following: ORDER 14. The above Company Petition No. (IB) -4601 (MB)/2018 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Avanti System Integrators Private Limited. 15. This Bench hereby appoints Mr. Vinodkumar Pukhraj Ambavat, Insolvency Professional, Registration No: IBBI/IPA-001/IP-P00420/2017-18/10743 as the Interim Resolution Professional having address at 40/9/15, Morarji Velji Building, 1st Floor, Dr. MB Velkar Street, Kalbadevi Road, Mumbai - 400002 to carry out t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. 21. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. 22. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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