TMI Blog2020 (5) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... ) No. 167/Chd/Hry/ 2018. - - - Dated:- 7-10-2019 - Ajay Kumar Vatsavayi Judicial Member And Pradeep R. Sethi Technical Member For the Petitioner : Ravi Varma For the Respondent : None JUDGMENT AJAY KUMAR VATSAVAYI (JUDICIAL MEMBER) .- 1. The instant petition is filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for short hereinafter referred to as the Code ) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short hereinafter referred to as the Rules ). The application has been filed in Form 5 as prescribed in rule 6(1) of the Rules. 2. Mr. Darshan Anil Lodha, proprietor of M/s. A. B. Lodha (for short here-in-after referred to as the petitioner and/or operational creditor ) has filed the application. The petitioner-operational creditor has authorized Shri Pankaj Dharmadhikari, manager-contracts to file petition on its behalf. The letter of authority authorizing Shri Pankaj Dharmadhikari is annexed as annexure P3. The power of attorney is filed as annexure P25 vide Diary No. 3690, dated September 27, 2018 and the affidavit is filed vide Diary No. 4510, dated November 19, 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idiary, Pranjal and thereby, taking over the said companies with all its assets and liabilities. A share purchase agreement was entered into by RIL, Pranjal and SIBPL wherein the outstanding amounts and liability of SIBPL to pay ₹ 3,72,19,060 to the petitioner was specifically acknowledged. RIL and Pranjal also issued an acknowledgment of debt receipt dated June 11, 2012 in favour of the petitioner for an amount of ₹ 3,72,19,060 towards the petitioner. The outstanding amounts and liabilities of Pranjal towards its creditors are set out in article 5.12 of the share purchase agreement which SIBPL undertook to pay. According to article 5.2 of the share purchase agreement, the said outstanding amounts were to be paid within 180 days of receiving a notice of demand for the same. The petitioner issued a reminder notice of demand dated April 29, 2013 calling upon SIBPL, RIL and Pranjal to jointly and severally make payment of the above stated outstanding amount within 180 days from the date of receipt of the said notice in terms of the share purchase SIBPL through the respondent-company made some payments to the petitioner between January 10, 2015 to June 9, 2015 totalling to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 against any resolution professional proposed under sub-section (4), if any. 8. 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 adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 12. 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. 13. 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. 14. 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 resolution professional but it is not obliged to do so. In the instant case also, the operational creditor has not proposed the name of any resolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional 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 section 15 calling for the sub mission of claims against corporate debtor; (v) It is hereby directed that the corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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