TMI Blog2018 (8) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. On the basis, we find the Application is complete and deserves ‘Admission.’ Hence Admitted. - CP(IB) NO. 25/ALD/2018 - - - Dated:- 1-6-2018 - MR. V.P. SINGH, MEMBER (JUDICIAL) AND AND MS. SAROJ RAJWARE, MEMBER (TECHNICAL) For The Operational Creditor : Shri Chetan Chatterjee, Advocate For The Corporate Debtor : Shri Himanshu Tyagi, Advocate ORDER As per : Shri V. P. Singh, Member Judicial Petitioner has filed-this insolvency petition under section 9 read with section 13, 14 and 33 of the Insolvency and Bankruptcy Code 2016 for initiating Corporate Insolvency Resolution Process (from now on referred as CIRP) against the Corporate Debtor/Respondent Company. 2. Brief facts as stated in the petitioner are that: I. The operational creditor (from now on referred as Applicant/Petitioner) is a company incorporated under the Companies Act 1956. Sri Ashok Kumar is the authorised representative of the petitioner company by Board of Directors resolution dated 10 October 2017 which is annexed as Annexure P-I. II. The Corporate Debtor is a company with authorised share capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnection with the finishing, interior fit out work at office of respondent company office situated at Picture Palace, the petitioner company had submitted nine Running Bills, bearing R A numbers 1, 2, 3, 4, 5, 6, 7 8 from 9 June 2014 to 28th of March 2017 respectively amounting to a ₹ 4,85,67,159. The operational creditor had also raised 10 different invoices in respect of the purchase order dated 24 December 2013 being invoice number 001 dated 21 January 2014, 616 dated 12 February 2014, 617 dated 22 February 2014, 619 dated 24th April 2014, 620 dated 21 May 2014, 621 dated 29 May 2014, 623 dated 24 June 2014, 627 dated 18 July 2014, 631 dated 23 December 2014 and 639 dated 2 May 2015 respectively and for glass supply, affixed on material amounting to ₹ 51,00,155. The above stated bills/invoices were raised by the operational creditor in respect of the above mentioned work orders and purchase orders, thereby totalling ₹ 53,667,324/- along with all the necessary documents. VI. The .petitioner has stated that the corporate debtor with malafide intention did not clear the running bills and invoices which were raised by the petitioner company from time to time d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the notice of the operational, creditor existence of any such existing dispute within the statutory period of 10 days as envisaged under section 8 (2) of the Insolvency and Bankruptcy Code 2016. XIII. The corporate debtor sent email dated 19 September 2017 to the operational creditor acknowledging the receipt of the demand notice dated 30 August 2017 which has been sent to the corporate debtor by the operational director via speed post and email dated 8 September 2017. Therefore, the corporate debtor has miserably failed to bring to the notice of the operational creditor existence of any dispute within the statutory period of 10 days as envisaged under section 8 (2) of the Insolvency and Bankruptcy 2016. The copy of the email dt. 19 September 2017 sent by the corporate debtor to the operational creditor is annexed as Annexure P-11. XIV. In the facts and circumstances stated above, a sum of ₹ 4,258.844 remains due and outstanding from the corporate debtor, i.e. the respondent company, which is payable to the petitioner company/operational creditor. 3. The corporate debtor has filed its reply seeking dismissal of the petition on the following grounds: I. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h continuous delays and slippages in the completion dates, you are advised to honour your commitments as per trail mail, failing which we shall be constrained to levy the liquidated damages. Looking forward to your sincere effort in completing the works on time, please. Regards Faisal IV. The corporate debtor has reminded that as per email dated 1, July 2016 it was reminded that: Dear Mr. Manik, There are lots of quality issues faced at the site at present. The picture of meeting room flooring was sent to you which need to be rectified. Presently the fasteners through which the base angle has been put a reception grass is proving to be a source of leakage room below. Besides, there is an immediate general need for rectification and snag correction which is immediately required. During such critical time of monsoons, your site person Mr. Shiv Murti is missing. Kindly ask him to attend the site ASAP get the snags, and another issue rectified immediately. Please recall your commitment to attend the snags by a separate team which is not happening. You are again requested to get the same attended along with the closure of balance meas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce demanding payment of the amount involved in the default to the corporate debtor has been delivered as specified under section 8(l) of the IBC 2016, in form 3 under rule 5 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor has failed to bring to the notice of the operational creditor existence of alleged dispute within the statutory period of 10 days as per section 8(2) of the Code, in reply to the present application main objections were raised during course of arguments regarding the existance of dispute relying upon email sent by Corporate Debtor to operational Creditor. By mail dated 27.06.2017 respondents have brought the fact about delay in completion of the assigned work and by mail 01.07.2016 made some complaints regarding that petitioner failed to honour commitment of attending the snag by a separate team. During the time of monsoons, site person Mr. Shiv Murti is missing. Through the various emails, no dispute can be made out. All the emails are about delay in completion of assigned work only, and the request has been made to expedite and complete the delayed work. There is no substantial and genuine dispute between th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted. 9. Accordingly, under Section 9 of the Code we declare a moratorium for the purpose referred to in section 14 of the Code with the following direction: i. As, no proposal for IRP is made in the present Application, therefore as per section 16 of the code, we hereby appoints Mr. Arun Gupta, from the Panel of Insolvency Professionals recommended by IBBI vide its letter dated 28 March 2018, as Interim Resolution Professional to carry the functions as mentioned under the Code. The list also contains the Email.id arungupta2211@gmail.com Registration No. IBBI/IPA-002/IP-N00051/2016-17/10095 of the proposed IRP. The Registrar (Designated) is directed to communicate the order to the IRP and obtain his consent and declaration in Form 2 within 3 days. ii. That the public announcement of corporate insolvency resolution process be made immediately as specified under Section 13 of the code and calling for submissions of a claim under Section 15 of the Code. iii. The interim Resolution professional shall after collation of all claim received against the corporate debtor and determination of the financial position of the corporate debtor, constitute a committee of creditors. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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