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TMI Blog2022 (9) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent/corporate debtor. Thus, there is no pre-existing dispute between the parties - the respondent/corporate debtor has categorically admitted its liability and has not disputed any of the claim made by the petitioner/operational creditor. Rather the corporate debtor by admitting the default on its part has itself prayed that in the best interest of all stakeholders, CIRP proceedings be initiated against it. Whether this application was filed within limitation? - HELD THAT:- A perusal of the case file shows that this application was filed vide Diary No.7395 on 24.12.2019, whereas the date of default is 01.11.2017, therefore, this Adjudicating Authority finds that this application has been filed within limitation. The corporate debtor has failed to make payment of the 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 facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default which is above threshold limit. In the present petition, all the requirements have been satisfied. It is seen that the petition prefe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the operational creditor received only 50% of the salary in the month of November and December, 2017 and thereafter, the corporate debtor stopped paying the operational creditor for the month of January 2018 till June 2018. It has been further stated that the corporate debtor has also not paid the bonus amounting to Rs.26,747/-, earned leave wages amounting to Rs.5,676/-, notice pay amounting to Rs.12,412/-, gratuity amounting to Rs.1,78,080/, total amounting to Rs.2,22,913/-. Still further, it has been stated that the operational creditor was not terminated by the corporate debtor and that the operational creditor herself stopped going to her job due to non-payment of salary for the past six months. 3. In the compliance affidavit filed vide Diary No.00062/01 dated 07.01.2021, the operational creditor has deposed that she had received a total salary of Rs.1,63,154/- in the year 2017 and that she received only 50% salary for the month of November 2017 and December, 2017. A copy of account statement of the petitioner/operational creditor has been annexed as Annexure A-1 with the compliance affidavit. Further, it has been stated that the corporate debtor failed to remit the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the reply submitted by the corporate debtor, it has been categorically stated by the respondent/corporate debtor that the transactions with the petitioner/operational creditor are not denied, however, because of the COVID-19 pandemic and its consequent effect, the respondent/corporate debtor incurred huge losses and was not able to turn around. Further, it has been stated that on account of ever mounting losses and liabilities, it is no more possible for the respondent/corporate debtor to pay any money to the petitioner/operational creditor and thus, it has been prayed by the respondent/corporate debtor that CIRP may be initiated against the respondent/corporate debtor in the best interest of all the stakeholders. 7. We have heard the learned counsel for the petitioner and learned counsel for the respondent and have gone through the records carefully. 8. The first issue for consideration is whether the demand notice in Form 3 dated 26.11.2019 was properly served. The petitioner has placed copies of the registered postal receipts, and tracking reports which reflects that the same was delivered at the Chennai office of the corporate debtor. 9. The next issue for considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sputed. Accordingly, the petitioner proved the debt and the default which is above threshold limit. 13. In Part-III of Form No. 5, no Interim Resolution Professional has been proposed by the petitioner. Accordingly, we appoint Mr. Krishan Vrind Jain as the Interim Resolution Professional in the matter of M/s UNICO Leather Product Private Limited, whose name appears at Serial No.52 of the list provided by the Insolvency and Bankruptcy Board of India, which is valid till 31.12.2022. 14. In the present petition, all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the petitioner is complete in all respects. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP in the case of the corporate debtor, M/s UNICO Leather Product Pvt. Ltd. 15. We also direct moratorium in terms of sub-section (1) of Section 14 of the Code as under:- a) the institution of suits or continuation of pending suits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody 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; 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 Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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