TMI Blog2018 (5) TMI 1990X X X X Extracts X X X X X X X X Extracts X X X X ..... erational Creditor is not due, however there are number of occasions where the Debtor has itself acknowledged his liability; ii) he has not raised the question of dispute at the time of issuance of Demand Notice. The Debtor has filed reply to this Petition/ Application to delay the proceedings. Thus, the Operational Creditor has rendered his professional services to the Debtor and raised valid invoices for the same but the Debtor has failed to make the payment. Hence, the Debt demanded is in the nature of Operational Debt as defined under section 5 (21) of the Definitions under The Code. And there is a Default as defined under section 3 (12) of The Code on the part of the Corporate Debtor - as the Operational Creditor had not receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vestment advisor by profession whereas the Debtor is a Company incorporated and involved in the business of construction and development of properties. 5. In April, 2015 the Debtor was in need of Development Partner for its business for their one project, hence, they have approached Operational Creditor for availing his Professional Services. 6. Debtor required Tata Housing Development Corporation Limited (THDCL) as their project partner because THDCL holds significant goodwill in Real Estate Industry. The Operational Creditor was a Retainer with THDCL at relevant point of time. 7. As a consequence, the Operational Creditor has agreed to provide his professional services to the Debtor and consequently, the Operational Creditor has, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that, the Operational Creditor has duly performed all above said duties and thereafter has raised invoices upon the Debtor. 13. It is stated that, vide an e-mail dated 03.09.2015 the payment terms of the Operational Creditor has been discussed which were accepted by the Debtor vide his e-mail dated 07.10.2015. Copies of both the e-mails are annexed with the Petition/AppIication. 14. Further that, according to the above said agreed terms, payment of 11,00,000/- was to be made on the date of signing of DM Agreement but was not paid till date. The Operational Creditor has demanded the said payment vide an e-mail dated 28.03.2016. This e-mail was addressed to Mr. Shashi Kumar, Director of the Debtor. 15. Further, Mr. Shashi has reque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational Creditor is in dispute. 21. It is stated that, it was agreed between the parties that; the Operational Creditor entitles to his Professional Fees only on the successful completion of the Agreement between the Debtor and THDCL. But in fact, the THDCL has revoked the Contract and parted itself out from the project of the Debtor. Consequently, the Agreement was not successful and the Operational Creditor is not entitle for the claimed amount. Since the THDCL had revoked the undertaking which caused great-hardship to the Debtor; hence, as consequence; the Operational Creditor is not entitled for any amount as Professional Fees. 22. It is also pleaded that, the e-mails were for the period when the THDCL was ready to perform his par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... humble opinion, in this case the question of Dispute does not arises for the reasons viz. i) from the begining the Debtor has never said that the Fees of the Operational Creditor is not due, however there are number of occasions where the Debtor has itself acknowledged his liability; ii) he has not raised the question of dispute at the time of issuance of Demand Notice. The Debtor has filed reply to this Petition/ Application to delay the proceedings. 29. Therefore, considering the above facts, hereby I record my satisfaction that, the Operational Creditor has rendered his professional services to the Debtor and raised valid invoices for the same but the Debtor has failed to make the payment. Hence, the Debt demanded is in the nature of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Resolution Plan prescribed under Section 3 1 of the Code. 33. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 34. The IRP so appointed shall also comply the other provisions of the Code including Section 15 and Section 18 of The Code. Further the IRP is hereby directed to inform the progress of the Resolution Plan to this Bench and submit a compliance report within 30 days of the appointment. A liberty is granted to intimate even at an early date, if need be. 35. The Petition is hereby Admitted . The commencem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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