TMI Blog2019 (5) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... way, Ahmedabad having Registration Number as IBBI/IPA-002/IP-N00106/2017-18/10248 as Interim Insolvency Resolution Professional under Section 13(1) of the Code. This Adjudicating Authority directs the Petitioner to make public announcement of initiation of Corporate Insolvency Process and calls for submission of claims under Section 15 as required by Section 13(l)(b) of the Code. In view of the commencement of the Insolvency Resolution process with the admission of this Petition and appointment of the Interim Insolvency Resolution Professional, this Adjudicating Authority hereby declares moratorium under Section 13(l)(a) - the supply of goods and essential services to the Corporate Debtor shall not be terminated or suspended or interrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into the business of outdoor advertisement and provides display space (hoardings) to its clients for advertisement of their products across the State of Gujarat. 3.1 It is stated in the petition that Oasis Tradelink Limited, is into the business of manufacturing and trading in edible oils in the name and style and the brand Maruti Oil . Oasis Tradelink Limited for displaying its oil advertisement used to hire advertisement spaces from the Petitioner at various places in the various cities of the State of Gujarat and for that various agreements were signed between the Petitioner and the Respondent for display of advertisements as per the terms and conditions agreed between the Petitioner and the Respondent and as set out in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thousand only) was lastly paid on 21.07.2018. Therefore, as on date, the principal amount of ₹ 51,75,393/- (Rupees Fifty-One Lakhs Seventy-Five Thousand Three Hundred Ninety-Three only) is payable by the Oasis Tradelink Limited, the Respondent Corporate Debtor to the, the Petitioner, Operational Creditor. 3.5 It is stated that several reminders were sent by the Operational Creditor to the Corporate Debtor but despite promises and assurance given by the Corporate Debtor, the dues of the Corporate Debtor remained unpaid and the Operational Creditor was compelled to serve statutory Demand Notice in Form 3 on 07.08.2018 under the Insolvency and Bankruptcy Code, 2016 (annexed with the Petition as Annexure D) along with invoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... py of the order under acknowledgement on 18.09.2018 and filed the proof of the same showing the notice of hearing has been served upon the Respondent on 24.09.2018. The Respondent was directed to file its objections, if any, within two weeks by serving an advance copy to the Petitioner. The advocate for the Respondent sought adjournment of the hearings on 05.11.2018 and 05.12.2018 and finally on 04.01.2019 filed its written submissions with a copy of the Petitioner. 5. In order to pass an order under Section 9(5) of the Code, the Adjudicating Authority shall necessarily give a finding on the following aspects; (i) Whether the claim of Petitioner is an operational debt or not; (ii) Whether Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manner. It is the considered view of this Bench that had the dispute in existence; the Corporate Debtor would have communicated the same to the Operational Creditor, when the Demand Notice in Form 3 was served upon him. The Corporate Debtor did not raise this issue during the hearings before this Bench on 05.11.2018 and 05.12.2018. Therefore, it is considered an afterthought with the sole intention to stall the commencement of insolvency resolution proceedings against the Corporate Debtor. Therefore, it is held that there exists no dispute, as contemplated under Section 8(2)(a) of the Code. 10. The application filed by the Operational Creditor is complete. Petitioner issued Demand Notice on 07.08.2018 and it was served on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. 12.1 However, the supply of goods and essential services to the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The moratorium order in respect of (i), (ii), (iii) and (iv) above shall not apply to the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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