TMI Blog2017 (6) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... ys from the date the copy of this order is received, and call for submissions of claim under section 15 of IBC 2016 in the manner as prescribed. We declare the moratorium which shall have effect from the date of this order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the IBC 2016. The supply of essential goods or services to the corporate debtor as specified shall not be terminated or suspended or interrupted during moratorium period. It is further made clear that the provisions of sub-section (1) of Section 14 of the Code shall not apply to such transactions as notified by the Central Government in consultation with any financial sector regulator. - C.A. NO. 1/(IB)/2017 - - - Dated:- 21-4-2017 - MR. ANANTHA PADMANABHA SWAMY, AND CH. MOHD SHARIEF TARIQ, JJ. For The Applicant : Mr. Vijay Narayanan, And Mr. S. Arjun And Ms. R. Sinduja For The Respondent : M/s. S. R. Rajagopal And Rohan Rajasekaran ORDER CH. Mohd Sharief Tariq, Member (Judicial) : (Oral) 1. Under adjudication is an application which came to be filed under Section 9 of the Insolvency And Bankruptcy Code, 2016 (IBC 2016) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as executed between the operational creditor and the corporate debtor wherein it has been expressely admitted and acknowledged by the latter that a total outstanding amount of ₹ 94,74,46,921/- is payable to the former, which the corporate debtor undertook to pay in instalments. A hyphothecation agreement was also entered into between the parties which formed the part of milstone agreement (available at Annexure P10). As per clause II of milestone agreement, it was also agreed by the Corporate Debtor that failure to pay any one instalment would give rise to serious default for which the Corporate debtor would be liable to pay the entire outstanding amount for all supplies made by the operational creditor till that date immediately. However, the corporate debtor failed to pay even the first instalment as per the schedule of payment agreed between the parties in the milestone agreement. Ultimately, the Operational creditor sent a statutory notice under Section 8 of IBC 2016 on 2-1-2017 to the corporate debtor to its office in Chennai, that was received by the Corporate debtor on 6-1-2017. In the statutory notice, 10 clays' time reckoning from 6-1-2017 to 15-1-2017 was provid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m are in accordance with the Forms prescribed. The objection of the corporate debtor is that the statutory notice was to be sent directly by the operational creditor but this objection is not sustainable for the reason that Form-3 itself provides for the signature of the persons authorised to act on behalf of the operational creditor. Therefore, the operational creditor can authorise any person to send the statutory notice on its behalf. As to the objection raised with regard to the application not being in the Form prescribed, it is seen that all the information required are contained in the application filed under section 9 of IBC 2016. Therefore, this objection is also not sustainable. In this connection, we may make a reference to the ruling given by the Hon'ble High Court of Bombay in Pramod Prabhakar Kulkarni v. Balasaheb Desai Sahakari Sakhar Karkhana Ltd [2001] IIILLJ 741 Bom., wherein similar question came for consideration before their Lordships and it was opined that though the requirement of making a notice is mandatory and the 'Form' in which it is to be given is a matter of procedure, and hence directory. It could be expressed in other words that the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso rejected. 6. It is admitted fact that no reply has been given by the corporate debtor. A specific query has been raised across the Bench that as to why the reply to the notice has not been given by the corporate debtor, the counsel for corporate debtor at the first instance attempted to give some explanation but turned to admit that the reply to the notice has not intentionally been given. The counsel for operational creditor also submitted that he has filed an affidavit proposing Shri V. Mahesh as an interim insolvency professional, who is a registered practitioner having registration No. IBBI/IPA/002/IP-00215/2016-17/1930. whose consent has also been sought and his name is available on the web site of the Board and no prosecution pending against him. It is also an admitted fact that the outstanding amount payable by the corporate debtor to the operational creditor is not under 'dispute'. 7. We have perused the contents of the application along with the supporting documents placed on record the reply filed by the corporate debtor and considered the submissions of both of the counsels. After having satisfied that all the requirements under law have been fulfilled, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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