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TMI Blog2022 (11) TMI 457X X X X Extracts X X X X X X X X Extracts X X X X ..... e of unpaid Operational Debt. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 12.08.2021 vide Diary No.00968. Whereas the date of default is 23.04.2019 as per last transaction, therefore, this Adjudicating Authority finds that this application has been filed within limitation. Threshold limit of debt involved - HELD THAT:- There is a total unpaid operational debt (in default) of Rs. 1,01,12,899/-. The operational creditor was supplying TMT to the corporate debtor on a running account basis and raised invoices attached as Annexure A-5. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one crore - 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 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. In the present petition, all the requirements have been satisfied. It is seen that the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. It is submitted by the petitioner in Form 5, Part IV that the amount claimed to be in default is Rs.1,01,12,899/- (Rupees One Crore One Lakh Twelve Thousand Eight Hundred Ninety Nine only) the date of default is 23.04.2019 as per last transaction (attached as Annexure-6). 5. A demand notice in Form 3 dated 23.11.2020 is stated to be issued to the operational creditor by speed post. Copy of postal receipt along with tracking report is attached as Annexure-7 of the petition. It is stated that the corporate debtor did not reply to the demand notice sent by the applicant to the corporate debtor. 6. The notice of this petition was issued to corporate debtor vide order dated 25.10.2021 to show cause as to why this petition be not admitted. Affidavit of service had been filed vide Diary No.00968/01 dated 03.12.2021. None appeared on behalf of the respondents nor any reply was filed. Respondents were proceeded ex-parte vide order dated 21.12.2021 of this bench. Written submissions were filed by petitioner-operational creditor vide Diary No. 00968/2 dated 26.07.2022. 7. We have heard the learned counsel for the petitioner and have perused the records. 8. The first issue fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal 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 CIR Process in the case of the Corporate Debtor, Tung Builders 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; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... king 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 with the Code of Conduct governing his profession and as 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 man ..... X X X X Extracts X X X X X X X X Extracts X X X X
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