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TMI Blog2022 (9) TMI 542X X X X Extracts X X X X X X X X Extracts X X X X ..... No.00259 on 18.02.2021 (refiled on 16.08.2021), whereas the date of default is 23.03.2020, therefore, this Adjudicating Authority finds that this application has been filed within limitation. There is a total unpaid operational debt (in default) of ₹2,20,28,662/-. The operational creditor has provided the details of the debt due and has also annexed with the petition copy of ledger account statement, statement of accounts along with invoices and credit notes. Accordingly, the petitioner/operational creditor has established the debt and the default, which is more than Rupees one lakh i.e. the threshold limit (pre-revised) - It is noted that 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 above-mentioned facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default which is above threshold limit. There is no rebuttal to the claim filed by the petitioner as respondent/corporate debtor chose not to appear. In the present petition, all the aforesaid requirements ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... planning, buying and implementation as per media plans approved by the respondent/corporate debtor and the corporate debtor has been a constituent/customer of the operational creditor. It is stated that a Media Service Agreement dated 31.07.2017 (for short hereinafter referred to as the Agreement ) was executed between the operational creditor and the corporate debtor and since July 2017, the corporate debtor had been availing the services of the operational creditor/petitioner and various invoices came to be raised by the operational creditor upon the corporate debtor from time to time and part payments were also made by the corporate debtor from time to time. 4. It has been further stated that in or around June, 2018, as requested by the corporate debtor, certain terms of the Agreement were amended and the same were stated to be recorded by an Addendum. By the said addendum, a thirty day credit period was granted from the date of raising invoices with respect to non-TV media services, the same was mutually agreed upon after several discussions/negotiations, which have been recorded vide several e-mails. As per the terms of the Agreement, the operational creditor issued OT Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor asking the corporate debtor to pay the dues towards all outstanding invoices. After receiving no response, it had sent Demand Notice dated 15.09.2020 in Form 3 calling upon the respondent/corporate debtor to pay the operational debt in default. The said notice was stated to be sent to the respondent and its Directors via e-mail dated 17.09.2020 at the registered e-mail address with the MCA and the same was also couriered on 17.09.2020 to the respondent at the registered address of the corporate debtor, however, the same was returned back with the remark Consignee Shifted from the registered address. Copy of e-mail, demand notice, postal receipt and tracking details have been annexed as Annexure G with the petition. Thus, it has been submitted on behalf of the operational creditor that despite receipt of demand notice via e-mail, the corporate debtor has failed to make any payment till date. No reply to the demand notice and no notice with respect to any dispute of the unpaid operational debt was given at any point in time either before the service of the demand notice or after service of the demand notice. 8. Vide order dated 25.10.2021 notice of the petition was issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the master data of the MCA. 12. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The petitioner/operational creditor has filed an affidavit under Section 9(3)(b) of the Code, wherein it has been deposed that the no notice was given by the corporate debtor relating to a dispute of the unpaid operational debt at any point in time. Thus, it can be inferred that there is no preexisting dispute between the parties. 13. The other issue for consideration is whether this application was filed within limitation. A perusal of the case file shows that the application was filed vide Diary No.00259 on 18.02.2021 (refiled on 16.08.2021), whereas the date of default is 23.03.2020, therefore, this Adjudicating Authority finds that this application has been filed within limitation. 14. We have gone through the contents of the application filed in Form 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of ₹2,20,28,662/-. As noted above, the operational creditor has provided the details of the debt due and has also annexed with the petition copy of ledger account statement, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Security Interest Act, 2002; and 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. 19. 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. 20. The order of moratorium shall have effect from the date of this order till 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. The Law Research Associate of this Tribunal has checked the credentials of Mr. Satya Dev Kaushik and there is nothing adverse against him. In view of the above, we appoint Mr. Satya Dev Kaushik, having Registration No. IBBI/IPA-001/IP-P00804/2017-2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The IRP is directed to make a specific mention of any non-compliance in this regard in his status report filed before this Bench and move an application seeking appropriate remedy, if required. This is imperative for meeting the Code s objectives for maximising the value of the assets of the corporate debtor and by completing the resolution process in a time-bound manner. vii.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying the constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days of filing the report of constitution of the Committee; and viii.) The Interim Resolution Professional is directed to send regular progress report to this Tribunal every f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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