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TMI Blog2022 (5) TMI 1252X X X X Extracts X X X X X X X X Extracts X X X X ..... is also pleaded that there is no dispute of unpaid operational debt pending between the parties in any court of law or any other authority. The same has been inferred from the affidavit in terms of Section 9(3)(b) of I B Code, 2016. The affidavit is attached to the main petition. It implies that there is no pre-existing dispute in relation to the debt claimed as per Part IV of Form 5. Whether this application is filed within limitation? - HELD THAT:- The period of limitation would begin from the date of default mentioned in Part IV, Form V i.e. 12.10.2019. This application was initially filed on 22.12.2020 and thereafter re-filed on 05.01.2021 vide Diary No. 1931. Therefore, this Adjudicating Authority finds that this application was f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... represented by its Proprietor Mr. Mohd. Alauddin, with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP) in case of M/s. PNC Enterprises Private Limited (for brevity 'Corporate Debtor'/'Respondent'). 2. The Corporate Debtor namely, PNC Enterprises Private Limited, is a Company incorporated on 14.07.2008 under the provisions of Companies Act, 1956 with CIN No. U51221HR2008PTC069195 with its registered office at Plot No. 76D, Udyog Vihar, Phase-4, Gurugram HR- 122001 IN. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of corporate debtor is attached with the main petition and marked as Annexure P-3. 3. The facts of the case, briefly, as stated in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disciplinary proceedings pending against the professional with the Board or with the Indian Institute of Insolvency Professionals of ICAI. 7. Accordingly, order dated 07.04.2021, a notice of this petition was issued to the corporate debtor to show cause as to why this petition be not admitted. 8. It is submitted by the respondent-corporate debtor in its reply vide Diary No. 01931/2 dated 08.12.2021 denied the averments made by the petitioner. However, as per the order dated 13.04.2022 of this Adjudicating Authority, it is stated by learned counsel for the respondent-corporate debtor that he is having limited instructions that due to the financial crunch respondent-corporate debtor is unable to pay the debt. 9. We have heard the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs. 1,02,98,659/-. The operational creditor has supplied goods to the corporate debtor and raised invoices attached as Annexure P-4. Ledger accounts maintained by the operational creditor have been attached at Annexure P-5. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one crore. 14. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. It is evident from the abovementioned facts that the liability of the corporate debtor is undisputed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f its property including any action under the Securitization and Reconstruction of Operational 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. 17. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 18. The order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ip rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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