TMI Blog2020 (6) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... within the State of Tamilnadu, amenable to its territorial jurisdiction and this Authority has no hesitation in admitting this Petition and initiating the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. Application admitted - moratorium declared. - IBA/ 1195/2019 - - - Dated:- 5-5-2020 - R. Varadharajan, Member (Judicial) Anil Kumar B, Member (Technical) For Operational Creditor : Sagar Wag/e, Advocate Ramesh, Advocate For M/S. Ramalingam Associates For Corporate Debtor P. Neethi Kumar, Advocate ORDER Anil Kumar B, Member (Technical) 1. This Application has been filed invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code, 2016 ( I B Code-2016 ) in the format as prescribed under Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as AAA Rules ) by the Applicant viz., M/S. Ingram Micro India Private Limited (hereinafter referred to as Operational Creditor ) against M/S. ASP Computers Private Limited (hereinafter referred to as Corporate Debtor ). The Operational Creditor seeks to initiate the Corporate Insolvency Resolution Process ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- on 12.11.2018. 6. The Learned Counsel for the Operational Creditor submitted that since the payments were not forthcoming from the Corporate Debtor, the Operational Creditor deposited cheque bearing No.700055 dated 10.01.2019 for an amount of drawn on South Indian Bank Limited issued by the Corporate Debtor. However, the said cheque was returned unpaid with the endorsement insufficient funds . 7. The Learned Counsel for the Operational Creditor submitted that even after the dishonour of the cheque, the Corporate Debtor has made the following payments; Date Amount 22.01.2019 ₹ 2,00,000/- 30.01.2019 ₹ 2,00,000/- 15.02.2019 ₹ 1,50,000/- 12.07.2019 ₹ 1,00,000/- Thus, it was submitted by the Learned Counsel for the Operational Creditor that the Corporate Debtor has admitted its default and there is no dispute whatsoever in relation to the amounts payable to the Operational Creditor, 8. The Learned Counsel for the Operational Creditor further sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on to show that there is a dispute between the parties and in relation to the same referred to Section 8(2)(a) of the IBC, 2016. The Learned Counsel for the Corporate Debtor also referred to the Judgment of the Hon'ble Supreme Court in the matter of Mobilox Innovations Private Limited -Vs- Kirusa Software Private Limited (MANU/SC/1196/2017) in order to substantiate that there exists dispute between the parties. 12. The Learned Counsel for the Corporate Debtor has stated in his counter that the amount due and payable to the Operational Creditor is ₹ 43,81,987/- and after deducting the 9 tickets amount worth of ₹ 27 Lakhs, the balance payable is ₹ 16,81,987/- which amount, the Corporate Debtor is always ready to pay to the Operational Creditor. 13. In reply to the contentions and submissions made by the Corporate Debtor, the Learned Counsel for the Operational Creditor has filed rejoinder and submitted that the transactions which transpired between the parties in relation to the booking of tickets happened in May 2011 and thereafter there has been not even a murmur in so far as the said issue is concerned. Further, it was submitted that since the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at a sum of ₹ 27 Lakhs has to be paid by the Operational Creditor to the Corporate Debtor for the costs of 9 tickets or the Operational Creditor has to give credit for the said sum of ₹ 27 Lakhs to the Corporate Debtor. For proper adjudication of the said issue, it is pertinent to refer to the terms and conditions of the benefits of the Scheme, which is annexed at page 27 of the typed set of papers filed along with the counter by the Corporate Debtor. More particularly clause I, states as follows; Ingram Micro (Operational Creditor) will not be responsible for any Visa Rejection, no alternate Benefit will be adjusted for not utilizing the tickets. The above clause clearly postulates the fact that the Operational Creditor would not be held responsible for the visa rejection and no alternate benefits will be adjusted for not utilizing the tickets. It is an undisputed fact that the visa for the Corporate Debtor for the trip to United Kingdom was rejected twice and as a result of which, the trip to United States of America, was voluntarily cancelled by the Corporate Debtor. Thus, the contention of the Corporate Debtor that a sum of ₹ 27 Lakhs has to be given cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the date of this order. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 22. However, during the pendency of the moratorium period in terms of Section 14(2) (2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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