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TMI Blog2020 (1) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... 06 initially under the name INX News Private Limited as per the provisions of the Companies Act, 1956. The name of the corporate debtor was changed to the present one on 20.07.2015. The identification number of the Corporate Debtor given is CIN U70101DL2006PTC279928. 3. It is submitted by the petitioner that the respondent, earlier known as INX News Private Limited, had entered into a lease deed dated 28.02.2008 with Syndicate Printers Limited to lease the premises situated at B-4, Sector 111, Noida, Uttar Pradesh- 201301. It is appropriate to mention that Syndicate Printers Limited was demerged into Omega Finvest Private Limited vide an order passed by the Hon'ble High Court of Delhi and the same was converted into Omega Finvest LLP in the year 2012. It is further submitted that in order to continue the lease of the premises the petitioner and the respondent had entered into a lease deed dated 13.07.2016 for a period of three years from 01.07.2016 to 30.06.2019. A Copy of the lease deed is placed on record (Annexure P-8). The terms of the said lease deed were subsequently modified vide modification deeds dated 12.09.2016 and 14.06.2018 (Annexures P-9 and P-10) and as per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led there has been communication between the parties regarding the claimed amount in the petition and therefore there is an existence of a dispute. It is also submitted by the respondent that they had replied to the demand notice issued under Section 8 of the Code and the said notice of dispute had been communicated within the prescribed time to the petitioner-operational creditor. The reply to the demand notice along with the tracking report is placed on record (Annexure R-2). The respondent also averred that there have been correspondence between the parties regarding the adjustment of the rent for the remaining months from the security deposit and in support of the same reliance has been placed on Clause 9.3.2 of the Deed of Modification dated 14.06.2018 (Annexure P-10). 10. We have minutely gone through the pleadings and have heard the arguments of both sides at length. The issue to be decided and to be adjudicated in the present application is whether the debt claimed is an 'operational debt' within the meaning of Section 5(21) of the Code and if there is a pre-existing dispute between the parties even before issuance of the Section 8 demand notice by the Petitioner. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 04.05.2019 and the cheque was presented for payment for the month of March, 2019 and the same was dishonoured vide cheque bouncing memo dated 25.03.2019 due to insufficient funds. Likewise the cheque presented for the rent due for the month of April, 2019 was also dishonoured and the memo dated 17.04.2019 was issued. It was insisted that the lease deed was to expire on 30.06.2019 and they were to vacate the premises after restoring the same to its original condition on or before 30.06.2019 and a request was made for the payment of the rent. 15. It is true that the security deposit of Rs. 1.25 Crore has remained deposited with the Operational Creditor-petitioner, yet the purpose of the deposit is entirely different as is evident from the reading of Clause 9.3.2 of the Rent Agreement which reads as under: 9.3.2 On handing back the vacant, peaceful possession of the Demised Premises, Landlord shall within 30 (thirty) days of handover of possession, refund the Security Deposit to the Tenant, after deducting the following: i. Any Rent Remaining unpaid and interest thereon. ii. Any Penal Rent and interest thereon remaining unpaid. iii. Estimated costs of restoring premise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 and neither has he filed the certificate of registration. Therefore we propose the name of Mr. Sanjeev Gupta as Resolution Professional from the Panel of Insolvency Professionals recommended for the appointment of IRP by the IBBI. His Registration No. given is IBBI/IPA-001/IP-01575/2018-2019/12408, e-mail id is fcasanieev@gmail.com and Mobile No. is 9810034027. 19. We also declare moratorium in terms of Section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government and a surety in a contract of guarantee to a corporate debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 20. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately (3 days) make public announcement with regard to admi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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