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TMI Blog2022 (10) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... ice within the stipulated 10 days time from the receipt of demand notice and that there is no preexisting dispute between the parties at all with regard to the unpaid operational debt. Whether this application was filed within limitation? - HELD THAT:- A perusal of the case file shows that the application was filed vide Diary No. 4108 dated 16.08.2019, whereas the date of default is 09.12.2018 i.e. 7 days from the date of invoice as per the agreed terms, as is mentioned in Part-IV of Form 5. Therefore, this Adjudicating Authority finds that this application has been filed within limitation. There is a total unpaid operational debt of Rs. 7,54,509/-, as claimed in the petition. 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, and invoices. 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) - 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 sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as Annexure A-4 with the petition. 4. Since, the respondent/corporate debtor failed to make the payment, the operational creditor sent a Demand Notice dated 16.06.2019 in Form 3 (Annexure A-6) by registered post on the registered address of the corporate debtor, calling upon the corporate debtor to repay the unpaid operational debt in full within 10 days from the date of receipt of notice. A perusal of the tracking report annexed with the demand notice shows that the demand notice sent at registered address of the corporate debtor was delivered. Copy of the tracking report is at Pages 31 of the petition. However, no response to the demand notice is stated to have been received. 5. After filing of the petition, notice was issued to the respondent/corporate debtor on 26.09.2019 to show cause as to why the petition be not admitted. The petitioner/operational creditor filed affidavit of service vide Diary No. 6433 dated 19.11.2019, wherein it has been deposed by learned counsel for the petitioner/operational creditor that in compliance of order dated 26.09.2019 notice of the petition was sent to the respondent/corporate debtor through e-mail on 16.11.2019, as provided in the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the unpaid operational debt. 11. 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. 4108 dated 16.08.2019, whereas the date of default is 09.12.2018 i.e. 7 days from the date of invoice as per the agreed terms, as is mentioned in Part-IV of Form 5. Therefore, this Adjudicating Authority finds that this application has been filed within limitation. 12. 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 of Rs. 7,54,509/-, as claimed in the petition. 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, and invoices. 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). 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 unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw, 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. 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 of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st 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 Interim Resolution Professional should also make all efforts simultaneously to retrieve the required information from the computerized data of the corporate debtor from the systems handed over to the Interim Resolution Professional after initiation of CIRP. For retrieving relevant information, the Interim Resolution Professional may take the help of any digital forensic companies from the empanelled list available with the Registry of this Adjudicating Authority, if required. This is impera ..... X X X X Extracts X X X X X X X X Extracts X X X X
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