TMI Blog2017 (9) TMI 1448X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Therefore, on fulfilment of the requirements of section 9 (5)(i)(a) to (e) of the Code, the present application is admitted. A moratorium in terms of section 14 of the Code issued. Mr. Prabhjit Singh Soni, is appointed as Interim Resolution Professional, who shall take statutory steps as envisaged under section 15, 17 and 18 of the Code. Since, the tenure of the IRP under section 16(5) shall not exceed 30 days from the date of his appointment, the IRP is directed to submit his report at the earliest but not later than 22.09.2017. - Company Petition No. (IB)-211(ND)/2017 - - - Dated:- 24-8-2017 - MR. MS. INA MALHOTRA AND MR. S.K. MOHAPATRA, JJ. For The Operational Creditor : Ashok Kumar Juneja, Advocate and Divesh Goyal, PCS For The Corporate Debtor : Simran Jyot Singh Khandpur, Advocate ORDER 1. This is an application filed under section 9 of the Insolvency and Bankruptcy Code. 2016 (for brevity 'the Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rule ) with a prayer to admit the company petition for initiation of Corporate Insolvency process in respect of respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turned back with postal remark 'DOOR LOCKED'. In addition to the aforesaid demand notice the operational creditor has also served copy of notice through e-mail dated 13.06.2017. In reply dated 28th June 2017 the corporate debtor has informed that on the behest of Director of operational creditor Mr. Sanjay Gupta, the pending amount has been transferred in the account of one S.K.K. Agro Private Limited having registered office at 5585. Lahori Gate, Delhi - 110006. It is submitted by the operational creditor that S.K.K. Agro Private Limited is not at all related with the operational creditor and operational creditor has not given any approval vide broad resolution or through any letter to anyone to collect payments on its behalf. Hence, question of payment being made to a third party does not arise. It is also the case of the applicant that no documentary evidence has been attached in support of the contentions of the corporate debtor. 7. The matter came up for hearing for the first time on 18.07.2017. when directions were issued for service of notice to the corporate debtor. On 24.07.2017 Ld. Counsel on behalf of Corporate Debtor appeared and copy of complete set of petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;s ledger account showing balance amount ₹ 7,51,40,572.50/-. 10. There is no dispute that in addition to the aforesaid returned demand notices sent under section 8 of the Code, the applicant had also sent e-mail demanding payment in respect of unpaid operational debt from the Respondent Company on 13.06.2017. Besides as per order dated 24.07.2017 copy of the entire paper book was handed over to the counsel of the respondent corporate debtor. Thereafter, full opportunity has been given to the respondents to file reply and the corporate debtor was afforded due opportunity of hearing. It is thus seen that neither the demand notice sent under section 8 was incomplete nor respondents were in any way precluded in defending the claim on merit. 11. The other main contention of the respondent is that there was an oral settlement effectuated between representatives of different companies including that of Petitioner Company, with the respondent company, wherein it has been unanimously decided that the debt required to be paid to the petitioner company shall be paid to one SKK Agro Pvt. Ltd. It is further contended that operational creditor and six other entities are directly/in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. vide RTGS and/or cheques at different points of time. But no details of bank transactions have been provided by the corporate debtor. These are monetary transactions between different legal entities involving huge stakes. There has to be record of transactions, such as how much amount, on which date, by which mode have been transferred. Mere use of word substantial amount would not help. Without any transaction details it cannot be ascertained as to how much amount has been paid and what part of the operational debt has remained unpaid. Even if ₹ 1,00,000/- has remained unpaid towards goods supplied by the operational creditor, this application is maintainable in terms of section 4 of the code. The corporate debtor has failed to give details of bank transactions as to when the outstanding debt of the operational creditor were transferred in the bank accounts of S K K Agro Pvt. Ltd. by the corporate debtor. Except mere submission that payment of the debt has been made to third party, there is absolutely no proof/documentary evidence on record in support of the contentions of the corporate debtor that the operational debt has been paid to third party in terms of set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ef, had/has not received any outstanding amount or part thereof in any manner. (5) That on 28th June, 2017 the CD through its Advocate served on reply/notice of dispute from Advocate Mr. Simran Jyot Singh Khandpur. In reply, the CD has informed that there is a dispute and that it has given outstanding dues to one S K K Agro Private Limited (CIN U01110DL2007PTC163157) having its registered office at 5585, Lahori Gate, Delhi-110006. (6) That I affirm that the Company, M/s. S K K Agro Private Limited, is not at all related with OC or with me in any manner whatsoever. I further affirm that the OC and M/s. S K K Agro Private Limited are neither subsidiary/group nor associate companies or related with each other in any manner whatsoever. (7) That 1 further affirm that neither OC nor me , has/had given any verbal or written communication including through any Board Resolution/Letter/Email/MOU/any authorization/approval to CD to make payment to M/s. S K K Agro Private Limited or to any other third party on behalf of OC. I further affirm that the OC has/had never received any verbal or written communication from M/s. S K K Agro Private Limited that any payment has/had ever be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4/- from corporate debtor has not been deposited between 27.05.2017 to 20/07/2017 in the account of the Operational Creditor. The operational creditor has filed relevant bank account statements duly certified by both the Banks. 19. In view of the above, we are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues towards the goods supplied to the corporate debtor and there has been a default in payment of the operational debt. Therefore, on fulfilment of the requirements of section 9 (5)(i)(a) to (e) of the Code, the present application is admitted. 20. A moratorium in terms of section 14 of the Code is being issued prohibiting the following: 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; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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