TMI Blog2018 (2) TMI 1726X X X X Extracts X X X X X X X X Extracts X X X X ..... that no credit of the amount has been given in the account of the petitioner on behalf of the respondent-corporate debtor for the period 01.01.2018 to 16.02.2018. This aspect otherwise is not disputed by the respondent-corporate debtor. We find that all the compliances have been made and the application is complete and the petition deserves to be admitted. In view of the above, the instant petition is admitted declaring moratorium for prohibiting all accordingly. - CP (IB) No.48/Chd/Pb/2018 - - - Dated:- 28-2-2018 - Hon ble Mr.Justice R.P.Nagrath, Member (Judicial) and Hon ble Mr.Pradeep R.Sethi, Member (Technical) For the Petitioner : Mr. J.K.Hoon, Advocate Financial Creditor, Mr. Hari Om, Advocate, Mr.G.S.Sarin, Practising Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the Rules) for initiating corporate insolvency resolution process against the respondent-corporate debtor. 4. The respondent was incorporated on 07.07.2006 as a company under the Companies Act, 1956 and allotted CIN U15310PB2006PTC030468. It has authorised share capital of ₹5 crores and paid-up capital of ₹2,58,68,260/. The registered office of the corporate debtor is at Patran, Punjab and therefore, the matter falls within the territorial jurisdiction of this Tribunal. 5. The facts of the case as stated are that the petitioner-operational creditor is a grain merchant and has been supplying paddy to the respondent which is a rice mill and as such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. 7. For enabling the operational creditor to file petition under Section 9 of the Code, the operational creditor is required to serve a demand notice to the corporate debtor in terms of Section 8 of the Code. Notice is required to be sent in the manner prescribed in Rule 5 of the Rules. The demand notice under Section 8 of the Code is dated 03.02.2018 Annexure-P11 which was sent to the respondent-corporate debtor as well as to all its directors. The demand notice was sent in Form No.3 as prescribed under the Rules and along with the demand notice all the invoices relating to the transactions between the parties were also sent. Copy of the judgement and decree of the Hon ble High Court of Delhi was also attached with the demand notice s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... affidavit of Mr. Seo Pal, Proprietor of the petitioner-operational creditor. 9. The instant petition was filed on 26.02.2018 after the expiry of 10 days from the delivery of the notice to the corporate debtor. 10. The next question would be whether the petitioner has complied with the mandatory requirements of Section 9(3)(b) and 9(3)(c) of the Code. Learned counsel for petitioner refers to para 3 of the affidavit of petitioner which states that the petitioner did not receive any notice of dispute from the corporate debtor nor the outstanding amount has been paid. The petitioner has also filed copy of statements of account of the petitioner in which the amount of debt is being normally credited. The petitioner has also filed certific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by the operational creditor; (d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under subsection (4), if any. (ii) reject the application and communicate such decision to the operational creditor and the corporate debtor, if- (a) the application made under sub-section (2) is incomplete; (b) there has been repayment of the unpaid operational debt; (c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a record of dispute in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the supply of essential goods or services to the Corporate Debtor as may be specified, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall however not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 15. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33 as the case may be. 15. The matter be listed on 08.03.2018 for passing of the formal order o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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