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TMI Blog2022 (5) TMI 1200X X X X Extracts X X X X X X X X Extracts X X X X ..... - - - Dated:- 11-5-2022 - Abni Ranjan Kumar Sinha, Member (J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Mrinali Prasad, Advocate For the Respondents : Rajiv Singh and Eknoordeep, Advocates ORDER Hemant Kumar Sarangi, Member (T) 1. The present application is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity TBC, 2016), read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules'), by M/s. Delhi Industrial Corporation (for brevity Applicant), through its partner Mr. Sanjay Kumar, authorized by resolution dated 01.10.2021 and authority letter dated 01.10.2021, with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP), against M/s. Techno Auto Components (India) Pvt. Ltd. (for brevity 'Respondent'). 2. The Applicant, the Operational Creditor, is a Partnership firm, having its address at 25 Block-B, B-II, Mohan Co-Operation Estate, New Delhi-110044. 3. The Respondent, the Corporate Debtor, namely M/s. Techno Auto Components (India) Private Limited, is a company incorporated on 19.09.1995, under the provisions of Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mand notice, sent to CD along with the Application, as Annexure A-8. 10. After the delivery of demand notice, sent under Section 8 of the Code, the Corporate Debtor has not sent its reply to the said notice, nor raised any dispute in response to the notice. As no payment was coming, hence this application, seeking to unfold the process of CIRP. 11. The Operational Creditor, in Part-IV of the Application, has stated that total debt due and payable is, Rs. 3,00,39,274/- (Rupees Three Crore Thirty Nine Thousand Two Hundred Seventy Four). The date of default is 15.10.2019. 12. Hence, the current application, under section 9 of the IBC, 2016 was filed by the Operational Creditor to initiate CIRP. The Operational Creditor has also filed an affidavit of service wherein, it states that the Corporate Debtor has been served through email on 04.10.2021 and vide speed post on 07.10.2021. The copy of email and the tracking report in this regard, has also been annexed along with the affidavit of service. 13. After the service of said notice, the Corporate Debtor has caused an appearance in the matter and filed its reply. In its reply the Corporate Debtor states that; 6. It is su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of FOUR counts. Firstly, some of the invoices are made-up and even otherwise the exact number of products delivered to the operational creditor do not tally. The case of the operational creditor, by its own admission, is that the orders were placed telephonically or via email. No call record, phone record, messages, SMS, WhatsApp texts have been placed on record before the Hon'ble Adjudicating Authority by the operational creditor. Secondly, the operational creditor had repeatedly and regularly raised product quality issue on all deliveries. Thirdly, it was a tacit understanding between the parties that to resolve these concerns of the operational creditor the overall product pricing will be revised and a substantial reduced rate would be offered to the corporate debtor. Fourthly, on the personal request of the employees of the operational creditor that no written letter/email was issued by the corporate debtor so as to maintain good cordial business relationship and a clean record. 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 'Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essional. In view of the same, this Bench confirms the same and appoints Ms. Chhaya Gupta, having registration No. IBBI/IPA-002/IP-N00984/2020-21/13133, email address is [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 its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); iv. The re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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