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TMI Blog2022 (11) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... rums in legal matters including NCLT to commence CIRP against the corporate debtor. It is evident that the debt is due and payable and default has occurred. The present application is admitted, in terms of section 9 (5) (i) of IBC, 2016. Application admitted - moratorium declared. - CP (IB) 24/NCLT/AHM/2020 - - - Dated:- 2-11-2022 - DR. DEEPTI MUKESH MEMBER ( JUDICIAL ) And AJAI DAS MEHROTRA MEMBER ( TECHNICAL ) For the Applicant : Mr. Arpit Singhvi , Advocate For the Respondent : Mr. Harmish Shah , Advocate ORDER 1. This application is filed on 11.12.2019 under Section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity IBC, 2016 ) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e will be a review to decide for the following 12 months wherein the applicant had agreed to provide management services in relation to the Premier Badminton League for managing the team of the corporate debtor i.e. Ahmedabad Smash Masters. Subsequently, both parties executed an amendment agreement dated 04.10.2018 whereby the term of the agreement was extended for one year from 01.10.2018 till 30.09.2019. All the terms and conditions of the Franchise Management Agreement dated 28.07.2017 were made applicable mutatis mutandis to the Amendment Franchise Management Agreement dated 04.10.2018. 5. It is submitted by the applicant that invoices were raised as per the agreement after rendering services to corporate debtor which were duly recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BC. 8. The corporate debtor filed affidavit in reply stating that: Mr. Vismay Chokshi has no authority to file the application; The application and the affidavit in support thereof are vexatious and contrary to law; The applicant has suppressed material facts; The demand notice issued is not as per Rule 5 of the IB Code, 2016 and, therefore, the same is not maintainable; The amounts claimed by the applicant are not due and payable; The petitioner has not performed the scope of the work as described and mentioned in the agreement. 9. The applicant filed rebuttal documents whereby submitted certified copy of the resolution passed by the designated partners of the applicant company in its meeting held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. As per part IV, Form 5 total amount of debt is Rs. 17,79,718/- (Rupees seventeen lacs seventy-nine thousand seven hundred eighteen only) and date of default is 01.09.2017.The present application is filed on 11.12.2019, which is within limitation and not barred by law. 13. Registered office of the corporate debtor is situated in Ahmedabad, Gujarat State and, therefore, this Tribunal has jurisdiction to entertain and try this application. 14. Heard submissions and perused the documents on record. The first objection raised by the corporate debtor is that Mr. Vismay Chokshi has no authority to file the application. On perusal of the record it is found that the applicant has filed copy of resolution passed by the designated partners of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? If any of the aforesaid conditions is lacking, the application would have to be rejected. Other contentions raised in defence by the corporate debtor like maintainability of the application, suppressing material facts by the applicant and non-performance of the scope of the work as described in the agreement are not supported by any document and appears as moonshine defence. No such objection or dispute was raised before the issue of notice under Section 8 of IBC, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14 (1) shall follow in relation to the Corporate debtor, prohibiting actions as per clauses (a) to (d) of Section 14 (1) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall remain in force. 20. A copy of the order shall be communicated to the applicant, IRP and the corporate debtor. A copy of order along with complete copy of application be served to IRP by the applicant within 7 days of order. In addition, a copy of the order shall also be forwarded to IBBI for its records and taking steps for updating the Master Data of the corporate d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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