9911796707
TMI Blog2019 (10) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... istered office at 70A/13, Najafgarh Road, Industrial Area New Delhi-110015 and having CINU74999DL1987PLC027351. 3. The Corporate Debtor is a limited company incorporated under the provisions of the Companies Act, 1956 on 09.06.2006 having CIN U74999DL1987PLC02731 as per Master Data and having registered office at 531, 5 Floor, HBN Office Mall, Plot-D, District Center, Paschim Vihar New Delhi-110087. The Authorised Share Capital of the Corporate Debtor is Rs. 25,00,000/- and Paid Up Share Capital is Rs. 21,00,000/- as per Master Data of the company. 4. The Applicant has stated that on 09.12.2011, the respondent issued a letter of intent wherein the applicant has to design, manufacture, supply, install, test and commission electrical panels for its proposed site known as "The millennium mall cum hotel" at Bhatinda for a total sum of Rs. 3,45,00,000/. Subsequent to the letter of intent, an agreement dated 12.12.2011 was executed between the applicant and the respondent and in furtherance to that the applicant began production of goods as desired under the agreement. 5. It is submitted that the applicant had raised various invoices against the respondent to the tune of Rs. 3,21,24,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant the outstanding amount due on him. 8. The applicant issued a demand notice dated 25.10.2017 under the provisions of section 8 of I&B Code, 2016 (Under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, calling upon the corporate debtor to pay the total outstanding amount of Rs. 95,01,856/-. The said notice was served through speed post as reflected in master data of MCA website and hence service of section 8 notice is complete. 9. Neither notice of dispute was raised by Corporate Debtor nor money was paid, hence the applicant filed present Application under section 9 of IBC, 2016 and served the copy of this application through speed post and email address which has been duly delivered to the corporate debtor as per the tracking report. 10. The Respondent has filed its reply and has raised various objections to the application. The objection of the respondent is that firstly 4 invoices were admittedly never delivered to the respondent during the subsistence of the agreement, while remaining 12 invoices were duly received. Secondly, the claimed amount of Rs. 34,60,240/- was transferred to the account of another company namely Mitilte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormation utility; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any. 13. The provisions of section 9 (2) and section 9 (5) of IBC which read as under: "Initiation of corporate insolvency resolution process by operational creditor. 9(1).................. 9 (2) The application under sub-section (1) shall be filed in such form and manner and accompanied with such fee as may be prescribed. 9(3) .................. 9(4). .................. 9(5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order (i) admit the application and communicate such decision to the operational creditor and the corporate debtor if, (a) the application made under sub-section (2) is complete; (b) there is no repayment of the unpaid operational debt; (c) the invoice or notice for payment to the corporate debtor has been delivered 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 agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that the details of default along with its dates have been clearly stated in part IV along with all minute details. Considering that the amount transferred to Mitelite on behalf of corporate debtor is not payable by corporate debtor to applicant and cannot be considered as debt to corporate debtor still the amount claimed by applicant is more than threshold required under the Code for filing application under Section 9. 18. The Applicant has filed an affidavit under section 9(3)(b) affirming that no notice of dispute has been given by the Corporate debtor relating to dispute of the unpaid operational debt. 19. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 20. We have discussed the facts of the case above and noted that the amount claimed to be in default is Rs. 95,01,856/- and the default occurred from 22.08.2015 and application is filed on 24.01.2018 hence the debt is not time barred and the application is filed within the period of limitation. 21. The present application is complete after hearing learned counsel for both the parties and perusing the documents on records ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y legal right or beneficial interest therein; (c) 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." It is further directed that: (a) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period; (b) The provision of sub-section 14 of the Code shall not apply to such , transactions as may be notified by the Central Government in consultation with any financial sector regulator and the surety in a contract of guarantee to a Corporate Debtor. (c) The order of moratorium shall have effect from the date of this order till the complete of the corporate insolvency process as per Sub-section (4) of section 14 of the Code. 25. The Interim Resolution Professional shall perform all his functions contemplated, inter alia, by Sections 15,17,18 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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