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TMI Blog2022 (11) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... '). The present petition has been filed in Form 5 as prescribed in Rule 6 (1) of the Rules. The petition is supported by affidavit of Mr. Naveen Malhotra and the same is at page 15-16 of the petition. 2. The corporate debtor, namely, Vishal Lakto India Limited, is a company incorporated on 28.01.1992, under the Companies Act, 1956, having CIN U15204HR1994PLC032464 and its registered office is at 5D/93, N.I.T., Faridabad, Haryana- 121001. Therefore, the matter falls within the territorial jurisdiction of this Adjudicating Authority. Copy of master data of the corporate debtor is at Annexure I of the petition. 3. The brief facts, as stated in the petition, are that the operational creditor is an Advocate by profession, who used to render his professional services to the respondent/corporate debtor from time to time, for which the operational creditor raised a bill on 11.04.2017 (Annexure III) amounting to Rs.3,10,000/- towards professional services with respect to legal case pending before Courts. 4. It is further stated that despite telephonic reminders, respondent/corporate debtor has not cleared the outstanding amount and it continues to be due and payable. Thus, the operationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r that corporate debtor is not in a position to payback the amount claimed, due to acute financial crises. 9. We have heard the learned counsel for the petitioner/operational creditor and learned counsel for the respondent/corporate debtor, perused the pleadings, and have carefully reviewed the records. 10. The first issue for consideration is whether the demand notice dated 27.08.2018 was properly served. As discussed above, the demand notice sent at registered address of the respondent/corporate debtor, as available on the master data of the corporate debtor, was delivered and tracking report showing its delivery has also been annexed with the petition. 11. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The petitioner/operational creditor has filed an affidavit dated 28.11.2018 under Section 9(3)(b) of the Code, wherein it has been deposed that the operational creditor has not received reply to its demand notice from the respondent/corporate debtor. Further, it has been deposed that there is no notice given by the respondent/corporate debtor relating to a dispute of the unpaid operational debt. 12. The other issue for co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIRP in the case of the corporate debtor, Vishal Lakto India Limited. 17. We also direct moratorium in terms of Section 14 of the Code as under:- 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; 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; e) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 Interi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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