TMI Blog2017 (5) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... ull and final settlement dated 21.01.2014 (page 57). We are further of the view that the claim is within the period of limitation of three years as the earliest cheque dishonoured is dated 15.03.2014 and the present petition was filed on 01.03.2017. We are of the view that it is a fit case for triggering the insolvency resolution process. Accordingly, we initiate the insolvency resolution process. As the interim resolution professional has not been named, we appoint Shri Vivek Goyal practicing Chartered Accountant (Mobile No. 98155-22553) who is duly registered with Insolvency Bankruptcy Board (IBBI/IPA-001/IP-00089/2016-17/1117). The provisional insolvency professional shall take immediate steps in terms of Section 14 as there would be a 'Moratorium' on the Corporate Debtor. The insolvency resolution professional shall also take steps and perform his duties in terms of Section 15, 17 & 18. - INSOVENCY PETITION No. 26 (ND) of 2017 - - - Dated:- 12-4-2017 - M. M. Kumar, And R. Varadharajan, JJ. For The Petitioner : Santosh Kumar, Rajiv Ranjan Mishra and Anant A. Pavgi ORDER 1. The petitioner, M/s. Prideco Commercial Projects Private Limited have approached this T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. 3866 -Do- 15.03.2014 5,23,016/- 3. 4080 -Do- 15.04.2014 5,23,016/- 4. 5344 -Do- 15.05.2014 5,23,016/- 5. 5453 -Do- 15.06.2014 5,23,016/- 6. 5502 -Do- 15.07.2014 5,23,016/- 7. 5524 -Do- 15.08.2014 5,23,016/- 4. The 'Operational Creditor'-petitioner has claimed that it had sent several e-mails to the Corporate Debtor on 03.03.2015, 28.05.2015, 30.10.2015, 26.03.2016, 09.05.2016 03.06.2016. None of the e-mails could evoke any positive response towards the payment of the outstanding amount. It shows that the Corporate Debtor has committed default. Thereafter the Operational Creditor-petitioner served a legal notice on the Corporate Debtor on 10.01.2017 under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... support of his submission learned counsel has placed reliance on a Division Bench judgment of the Kerela High Court rendered in the case of Ramakrishnan v. Parthasaradhy 2003 (2) KLT 613. Learned counsel has also placed reliance on the observation made para 5 of the judgment rendered by a learned Single Judge in the case of Gorilal Baldeodas v. Ramjeelal Bhuralal AIR 1961 MP. 346. Likewise, reliance has also been placed on Section 19 of the Limitation Act to argue that issuance of cheques by the Corporate Debtor is part payment of principal amount and it extends the period of limitation by further three years from the date of such payment. In that regard, reliance has also been placed on a judgment of Delhi High Court rendered in the case of Rajesh Kumari v. Prem Chand Jain AIR 1998 Delhi 80. 7. Having heard the learned counsel and on perusal of the record with his able assistance the question which arises is as to whether the Operational Creditor fulfils all the requirements of Section 9 (3) of the Code. The aforesaid provision impose obligations on an Operational Creditor like the petitioner to furnish the following documents along with the petition: (a) a copy of the invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the operational creditor. The reliance of the Operational Creditor on other judgements is equally meritorious. 9. Therefore, we are of the view that it is a fit case for triggering the insolvency resolution process. Accordingly, we initiate the insolvency resolution process. As the interim resolution professional has not been named, we appoint Shri Vivek Goyal practicing Chartered Accountant (Mobile No. 98155-22553) who is duly registered with Insolvency Bankruptcy Board (IBBI/IPA-001/IP-00089/2016-17/1117). The provisional insolvency professional shall take immediate steps in terms of Section 14 as there would be a 'Moratorium' on the Corporate Debtor. The provisions of Section 14 are extracted below for a ready reference and the same reads as under: 14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:- (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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