TMI Blog2020 (2) TMI 440X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(3) of the Code shall come in force - Application admitted - moratorium declared. - Company Petition (IB) No. 660 (ND) OF 2018 - - - Dated:- 20-9-2019 - Dr. Deepti Mukesh, Judicial Member And Hemant Kumar Sarangi, Technical Member Ajit Sharma, Mayank Aggarwal and Ms. Manasvi Sharma, Advs. for the Applicant. Ms. Nayati Bansal, and Varun Kathwad, Advs. for the Respondent. JUDGMENT Hemant Kumar Sarangi, The present applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent and raising of invoices by applicant, the entire payment for such invoices shall be made in a timely manner. The Respondent placed various purchase orders for a supply of variety of products such as Marble Slabs, Tiles, Crazy and Granite. The Applicant supplied the goods as per the orders placed by Respondent and raised invoices against the said supply. 5. The applicant states that, the debt is arising out of several purchases of granite slabs and IR Marble Slabs made by the respondent from the applicant during the period between 2305.2017 to 23.06.2017, for use in the construction of the commercial building of the respondent at A-27/A-62, Noida (U.P.). The applicant raised 13 invoices amounting to a total amount of ₹ 1,58 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest @ 24% per annum, as per the invoices, within 10 days from receipt of the notice, failing which the applicant shall initiate the Corporate Insolvency Resolution process against the Respondent. 9. Despite the demand notice sent under Section 8 of the Code, the Respondent failed to pay the amount demanded and has neither raised any notice of dispute, but In its reply to the said notice the respondent asked for 20 days time to reply to the said notice. As no payment was coming, hence this application, seeking to unfold the process of CIRP. 10. The applicant has stated that total debt due and payable is ₹ 46,62,890/- (Rupees Forty Six Lakhs Sixty Two Thousand Eight Hundred Ninety Only), which includes Principal amount of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itself had acknowledged the said invoices. There is no documentary evidence on record to show that any complaint was ever made or any proceedings were initiated by the respondent regarding the alleged mala fide acts of the applicant nor any correspondence is placed on record with respect to issuing fake/ bogus bills. Once the debt shown as due, it is for respondent to prove that there are no outstanding dues to be paid to the applicant. There has been much cloud in the submission of the respondent. Therefore, without any specific details of material particulars or evidence the fact of existence of a dispute cannot be sustained. 15. In Innoventive Industries Ltd. v. ICICI Bank Ltd. 143 SCL 625 (Supra) , the Hon'ble Supreme Court hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional debt in the books of accounts of the applicant in compliance with the requirement of Section 9(3)(c) of the IBC 2016. 18. In view of above, we are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application is admitted. 19. The registered office of respondent is situated in New Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 20. The Applicant has not proposed the name of any Interim Resolution Professional. In view of the same, this Bench appoints Mr. Dharm Veer Gupta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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