TaxTMI 
TaxTMI 
2020 (5) TMI 270
X X X X Extracts X X X X
X X X X Extracts X X X X
....he application. 3. M/s. Jaycon Infrastructure Ltd. (for short hereinafter referred to as the "respondent" and/or "corporate debtor") is a company incorporated under the Companies Act, 1956 with authorized share capital of Rs. 5,00,00,000 and paid-up capital of Rs. 4,33,02,750. The CIN of the respondent-corporate debtor is U70101CH2007PLC030694 and its registered office is situated in Union Territory, Chandigarh and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at annexure A8 of the petition. 4. The facts of the case, briefly stated, are that the petitioner-operational creditor is a renowned steel merchant since more than three decades and deals in a wide range of TMT Bars, Beams, Angles, Hot Rolled Coils and Cold Rolled Coils. In Part IV of Form 5, it is stated that the respondent-corporate debtor purchased steel from the petitioner-operational creditor, which was supplied to it, as per agreed terms and the same was duly received by the respondent-corporate debtor. Accordingly, four invoices dated December 3, 2015 and two invoices dated December 7, 2015 were raised by the petitioner-....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n as to whether the respondent had issued any purchase orders to the petitioner in writing in respect of the goods supplied by the unpaid invoices. Vide Diary No. 2814, dated August 2, 2018 the petitioner-operational creditor filed compliance affidavit along with copies of cheques dated April 10, 2017. 8. On receipt of notice in the company petition, the respondent-corporate debtor, filed its reply, vide Diary No. 4053, dated October 17, 2018 while raising various objections to the company petition, the respondent-corporate debtor admitted that after reconciliation of their accounts, it was agreed amongst them that the corporate debtor shall make a payment of Rs. 14,99,941 towards full and final payment to the operational creditor. It is further stated that in terms thereof, the answering corporate debtor made the payment of the agreed full and final amount of Rs. 14,99,941 to the operational creditor on December 30, 2017 by way of RTGS and accordingly, stated that there is no debt or default as on the date of filing of the company petition and prays for dismissal of the company petition. 9. The petitioner-operational creditor filed its rejoinder vide Diary No. 214, dated January....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... filed after 10 days, is maintainable" and hence the contention of the respondent's counsel that the demand notice not served at the registered office of the corporate debtor, is unsustainable. 15. The hon'ble Supreme Court in Mobilox Innovations P. Ltd. v. Kirusa Software P. Ltd. [2017] 205 Comp Cas 324 (SC) ; [2018] 1 SCC 353, Civil Appeal No. 9405 of 2017, held as under (page 373 of 205 Comp Cas) : "It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under section 9(5)(ii)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the 'existence' of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the 'dispute' is not a patently feeble legal argument or an assertion ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cluding any action under the Securitisation and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002 (54 of 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." 19. It is further directed that 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. The provisions of section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 20. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of the corporate debtor under section 33 as the case may be. 21. Under sub-section (4) of section 9 of the Code, the operational creditor may propose the name of resolution professional to be appointed as interim r....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ith interim resolution professional and strictly perform all the duties as are enjoined on the interim resolution professional under section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the corporate debtor has ownership rights recorded in the balance-sheet of the corporate debtor, etc., as provided in section 18(1)(f) of the Code. The interim resolution professional is directed to prepare a complete list of inventory of assets of the corporate debtor ; (iii) The interim resolution professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the code of conduct governing his profession and as an insolvency professional with high standards of ethics and moral ; (iv) The interim resolution professional shall cause a public announcement within three days as contemplated under regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the corporate insolvency resolution process in terms of section 13(1)(b) of the Code read with sectio....