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2019 (3) TMI 980 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Corporate Debtor failure in payment of principal amount and interest thereon @ 24% in respect of goods supplied and delivered to the Corporate Debtor despite repeated demands - delay in completing the resolution process by the IRP - proof of any pre-exiting dispute - HELD THAT:- An overall screening of the documents produced on the side of the Corporate Debtor as well as on the side of the applicant, it appears to me that the case trying to set up on the side of Operational Creditor is more believable and more credit worthy than that of the case attempted to be established on the side of the corporate debtor. In view of the above said discussion, no hesitation in holding that the invoices referred to in the Application and challans referred to in the Rejoinder were delivered to the Corporate debtor and thereby the amount in demand is found due and payable by the corporate Debtor. The amount found due was not repaid. No pre-existing dispute as per S. 5(6) of the Code stands proved on the side of the Corporate debtor. Whether the applicant proved compliance of the requirement to be meted out u/s. 9(5) of the Code? - HELD THAT:- he applicant also succeeded in proving that the application filed is complete as per sub-section 2 of S.9 of the Code, that there is no payment of unpaid amount found liable to be paid by the Corporate Debtor, that the invoices and notice were delivered to the Corporate Debtor, that affidavit is filed in compliance of Section 9(3)(b) to the effect that there is no notice given by the Corporate Debtor relating to a dispute of the unpaid operational debt and that the bank statement copy is produced in compliance of S.9(3)(c). Since no resolution professional name was proposed, compliance of section 9(5)(i)(e) does not at all arise. The Application filed under Section 9 being proved to be complete, it is liable to be admitted. Taking judicial notice of delay in completing the resolution process by the IRP because of lack of adequate fund for meeting the initial expenses for initiating CIRP like publications in leading news papers etc. by the IRP. To overcome the said circumstances and to discourage IRP from spending the initial expenses from his or her own pocket, it appears to me that it is fair and just to direct the Applicant/Operational Creditor to deposit ₹ 2,00,000/- (Two lakhs) for the initial expenses to be spent by the IRP.
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