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TMI Blog2022 (9) TMI 1162X X X X Extracts X X X X X X X X Extracts X X X X ..... the main petition). It is stated that there is no pre-existing dispute between the parties. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 24.09.2019 vide Diary No.5078. Whereas the date of default is 14.04.2018, therefore, this Adjudicating Authority finds that this application has been filed within limitation. In the present petition, all the 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, the petition is admitted. Petition admitted - moratorium declared. - CP (IB) No. 534/Chd/Hry/2019 - - - Dated:- 22-9-2022 - Hon ble Mr. Harnam Singh Thakur, Member (Judicial) And Hon ble Mr. Subrata Kumar Dash, Member (Technical) For the Applicant-Operational Creditor : Mr. G.S. Sarin, Practising Company Secretary for petitioner For the Respondent-Corporate Debtor : Respondent ex-parte vide Ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pliance affidavit in terms of order dated 01.11.2021 has been filed vide Diary No.277/01 dated 06.12.2021, wherein respondent has been served through email. It was observed that vide order dated 02.03.2020, cost of Rs.10,000/- was imposed and despite service, no reply has been filed by learned counsel for respondent. Even thereafter, none appeared on behalf of the respondent. Keeping in view the facts that neither the cost was paid nor the respondent has put in appearance despite service through email. Therefore, respondent-corporate debtor has been set ex-parte. The short written submissions are also filed by Operational Creditor vide Diary No.00277/2 dated 18.07.2022. 7. We have heard the learned counsel for the petitioner and have perused the records. 8. The first issue for consideration is whether the demand notice in Form 3 dated 30.07.2019 was properly served. The petitioner has placed a copy of the registered postal receipts and copy of demand notice which was delivered to the corporate debtor.Therefore, demand notice was duly served (attached as Annexure-K of the petition). 9. The next issue for consideration is whether the operational debt was disputed by the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess in the case of the Corporate Debtor, M/s Deneb Automotives Private Limited and also direct moratorium in terms of sub-section (1) of Section 14 of the code to take effect and appoint Interim Resolution Professional as below: a) 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; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) 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 Securitization and Reconstruction of Operational Assets and Enforcement 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. 14. 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 int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority directs the ex-management and promoters of 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. This Adjudicating Authority further directs that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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