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TMI Blog2022 (6) TMI 384X X X X Extracts X X X X X X X X Extracts X X X X ..... ty and inability to pay the debt. Moreover, petitioner has appended affidavit u/s 9(3)(b) stating that corporate debtor has not issued any notice or raised any dispute regarding the debt for which the present petition has been filed by the operational creditor. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 19.09.2019 vide Diary No.4927. Whereas the date of default is 07.03.2017 i.e. date of written acknowledgement of the debt, therefore, this Adjudicating Authority finds that this application has been filed within limitation. Apart liability of debt is admitted by respondent-corporate debtor. There is a total unpaid operational debt Rs.2,37,8812/-(Rs. 882128/- plus delayed payment i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the respondent-Corporate Debtor : Mr. Saurabh Kapoor, Advocate JUDGMENT Per: Harnam Singh Thakur, Member (Judicial) The present petition is filed, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity IBC / Code ), by M/s Kabir Impex (for brevity Operational Creditor / Petitioner ), represented by its authorized signatories, Mr. Damanpreet Singh, with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) in case of M/s Swati Cast Forge Pvt. Ltd. (for brevity Corporate Debtor / Respondent ). 2. The Corporate Debtor namely, M/s Swati Cast Forge Pvt. Ltd., is a Company incorporated on 22.03.2011 under the provisions of Companies Act, 1956 with CIN No.U28939PB2011PTC034860 with its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efault occurred on 07.03.2017. 5. A demand notice in Form 3 dated 29.08.2019 and duly received is stated to be issued to the operational creditor by speed post. Copy of postal receipt along with tracking report and affidavit by operational creditor to the effect that it has not received any reply against demand notice (Annexure-1 7 respectively of the petition) 6. In Part-III of Form No. 5, Interim Resolution Professional has been proposed by the petitioner. Keeping in view of this, we appoint Mr. Pawan Sharma, Insolvency Resolution Professional. 7. Accordingly, order dated 30.09.2019, notice of this petition issued to the corporate debtor to show cause as to why this petition be not admitted. The corporate debtor filed its reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te. As discussed above, there is a total unpaid operational debt Rs.2,37,8812/-(Rs. 882128/- plus delayed payment interest @ 24 % p.a. amounting to Rs.1,44,6684/- and legal fee of Rs.50,000/). The operational creditor has provided Labour Job Forging to the corporate debtor and raised invoices attached as Annexure-4. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one lakh (prior to the amendment in threshold limit of one crore vide notification No. S.O.1205(E) dated 24.03.2020) by the respondent-corporate debtor. 13. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onstruction 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. 15. 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. 16. The order of moratorium shall have effect from the date of this order till ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stody of the assets over which the Corporate Debtor has ownership 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; iv.) 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; v.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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