TMI Blog2020 (6) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor has right to file an application under section 9 of the Insolvency and Bankruptcy, Code, 2016. The corporate debtor has failed to raise any existence of disputes and show that the operational debt raised by the operational-creditor has been paid. So under such circumstances there is no option, but to pass the order under section 9(5)(i) if the application is complete and from the perusal of the application we find that the application is complete and there is no payment of unpaid operational debt and no notice of dispute has been raised by the operational creditor or there is no record of dispute in the information utility. On fulfilment of requirements of section 9(5)(i)(a) to (d) of the Code, the present application is admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s indebted and is unable to pay its admitted, acknowledged and undisputed outstanding sum of ₹ 51,30,000 along with interest at 18 per cent. per annum till the actual date of payment against delivery of product chairs . 5. That the operational debtor had approached the M/s. Dhingra Trading Co. (hereinafter referred to as operational creditor ) and placed an order for supply of 50,000 chairs at ₹ 90 per chair at the office of the operational creditor. It is further submitted that cost of the chairs was taxable at 14 per cent. service tax. Moreover, the operational creditor had agreed to provide the aforesaid commodities on the assurance of timely payments. 6. Consequently the consignment of chairs were dispatched from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t refused . 10. In the light of the submissions raised on behalf of the petitioner, we have gone through the averments made in the applications as well as documents enclosed with the applications and we find that demand notice was duly delivered upon the respondent on its registered mail id, but no reply was sent by the respondent and in this regard, the applicant has filed an affidavit under section 9(3)(b) of the Code and in paragraph of the affidavit, he mentioned this fact that there is no dispute whatsoever raised within the prescribed period of days from the date of receipt of the said notice. 11. At this juncture we would like to refer sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016 and same are quoted below : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s we have no option, but to pass the order under section 9(5)(i) if the application is complete and from the perusal of the application we find that the application is complete and there is no payment of unpaid operational debt and no notice of dispute has been raised by the operational creditor or there is no record of dispute in the information utility. 13. Therefore, on fulfilment of requirements of section 9(5)(i)(a) to (d) of the Code, the present application is admitted. 14. In terms of sub-section (6) of section 9 of the Code the corporate insolvency resolution process in respect of respondent-corporate debtor shall commence from the date of this admission order. 15. The petitioner has not proposed any name of IRP. According ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs against the corporate debtor 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 corporate debtor 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 corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial 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 made cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal with a prayer for passing an appropriate order. The interim resolution professional shall be under duty to protect and preserve the value of the property of the corporate debtor as a part of its obligation imposed by section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 21. Let the copy of the order be communicated to the operational creditor and the corporate debtor in accordance with section 9(5)(i) of the Code. The office is also directed to communicate a copy of the order additionally to the interim resolution professional and the Registrar of Companies, NCT of Delhi and Haryana at the earliest possible but not later than seven days from today. The Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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