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TMI Blog2022 (11) TMI 156X X X X Extracts X X X X X X X X Extracts X X X X ..... re is any reply received from the corporate debtor in response to the demand notice objecting to the demand leading to inference that the demand and the documents are correct and admitted by the corporate debtor. Also, it is deposed that there is no pre-existing dispute with respect to the subject matter of the present petition. Whether this application was filed within limitation? - HELD THAT:- A perusal of the case file shows that the application was filed vide Diary No.887 dated 03.02.2020, and the date of default is 20.09.2019 i.e. the date by which the outstanding invoices dated 22.07.2019 were to be cleared. Therefore, this Adjudicating Authority finds that this application has been filed within limitation. 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) - 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, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A-9 of the petition. 3. The brief facts, as stated in the petition, are that the operational creditor, inter alia, is involved in the manufacturing of alloy steel and is North India s largest alloy steel plant with installed capacity of over 2 Lakh metric tons per annum and has been supplying to the respondent/corporate debtor alloy steel for manufacture of the products. It is also stated that operational creditor supplied goods to the corporate debtor from time to time in terms of various invoices and there has been a running account between the operational creditor and the corporate debtor. Further, it has been stated that the operational creditor maintains regular books of accounts and the accounts are regularly audited in accordance with law and as per the records maintained by them an amount of Rs.5,59,673/- (Rupees Five Lacs Fifty Nine Thousand Six Hundred Seventy Three only) against which there is balance confirmation of Rs.9,72,055/- as on 31.03.2019 after which two more sales were made in terms of last invoice Nos.4008 and 4009 both dated 22.07.2019 for an amount of Rs.8,06,794/- and sales return of Rs.12,19,176/- leaving a balance of Rs.5,59,673/-. According to the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l creditor filed affidavit of service vide Diary No.1954 dated 12.03.2020, wherein it has been deposed by learned counsel for the petitioner/operational creditor that he had served notice to the respondent/corporate debtor alongwith copy of petition on 28.02.2020 by speed post and the same was delivered on 02.03.2020. Further it has been deposed that the notice was also sent through e-mail. Copy of original postal receipt, tracking report and copy of e-mail has been annexed with the affidavit of service. 7. When the matter was listed on 17.05.2022, learned counsel for the petitioner was directed to inform the next date of hearing to the respondent through e-mail and place on record copy of e-mail with affidavit on record. In compliance thereof, petitioner/operational creditor filed compliance affidavit vide Diary No.00254/2 dated 14.07.2022, wherein it has been deposed that the petitioner had sent the copy of order to the respondent through e-mail on 21.06.2022 and the same has been delivered and has not bounced back. Copy of the e-mail has been annexed as Annexure A-1 with the said affidavit. 8. We have heard the learned counsel for the petitioner/operational creditor, perus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resaid 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 and established. Also, there is no rebuttal to the claim filed by the petitioner as respondent/corporate debtor chose not to appear. Accordingly, the petitioner has proved the debt and the default which is above threshold limit. 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 Horizon Metaltech Private Limited. 15. 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 deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essional is directed to file his written consent in Form-2 within one week of this order; ii.) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim 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 wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 fortnight. 17. The petitioner is directed to deposit an amount of ₹60,000/- (Rupees Sixty Thousand Only) with the Interim Resolution Professional to meet the immediate expenses of the CIRP within two weeks. The same shall be fully accountable by Interim Resolution Professional and shall be reimbursed by the Committee of Creditors (CoC) to the petitioner to be recovered as the CIRP cost. 18. This petition is accordingly allowed and admitted. A copy of this order be communicated to both the parties. The learned counsel for the petitioner shall deliver a copy of this order to the Interim Resolution Professional forthwith. The Registry is also directed to send copy of this order to the Interim Resolution Professional at h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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