TMI Blog2020 (9) TMI 505X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the respondent has admitted its liability and submitted that this CP may be admitted. The corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementioned fact it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than '1 lac by the respondent-corporate debtor. The petition is admitted - moratorium declared. - CP (IB) No. 223/Chd/Pb/2019 - - - Dated:- 10-2-2020 - Ajay Kumar Vatsavayi, Member (J) And Pradeep R. Sethi, Member (T) For the Appellant : Vaibhav Sahni and Nahush Jain, Advocates For the Respondents : Swati Saluja, Advocate JUDGMENT AJAY KUMAR VATSAVAYI, MEMBER (J) 1. The instant petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, (for short hereinafter referred to as 'Code') read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for shor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm No.3 dated 01.10.2018 is stated to be served upon the Corporate Debtor by speed post (Annexure A-9 of the petition). The demand notice was accompanied by the copy of duly issued invoices in the name of corporate debtor, transportation/bilty particulars, calculation sheet and ledger account of the Operational Creditor to substantiate the said date of default. Copies of these enclosures are attached at pages 23 to 49 of the petition. The corporate debtor vide this demand notice was called upon to repay the total unpaid operational debt (in default) of '6,96,985/- (principal amount of '5,72,532/- and interest @18% thereon of '1,24,453/- till 23.09.2018 respective due date of invoices) within 10 days from the receipt of the notice. Copy of postal receipt is at page 55 of the petition. 6. The corporate debtor in its reply dated 26.10.2018 to the demand notice dated 01.10.2018 (Annexure-10 of the petition) has not denied its liability towards the corporate debtor and stated its inability to clear the debt owing to acute liquidity crunch. The Corporate Debtor also requested one month time to clear the entire outstanding and requested to do not take any harsh action towa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he operational debt was disputed by the corporate debtor. The respondent corporate debtor has neither filed any reply to the petition nor has disputed the liability towards the operational creditor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. It is also observed that on the last date of hearing, learned counsel for the respondent has admitted its liability and submitted that this CP may be admitted. 15. The provisions of Section 9(5)(i) of the Code are as follows:- (5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under subsection (2), by an order- (i) admit the application and communicate such decision to the operational creditor and the corporate debtor if,- (a) the application made under sub-section (2) is complete; (b) there is no payment of the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of '5,72,532/- + interest @18% thereon of '1,24,453/- till 23.09.2018 respective due date of invoices). As a statutory requirement under Section 9(3)(b) of the Code, an affidavit dated 23.04.2019 (at pages 58 to 59 of the petition) has been placed by the operational creditor stating that demand notice issued on 01.10.2018 by speed post. It is also stated that a reply dated 26.10.2018 to the said demand notice was sent by Corporate Debtor, where the Corporate Debtor while admitting the transactions, tried to gain time on account of its inability to pay the debt due to the petitioner. We have held above that the demand notice in Form No.3 was properly delivered by the Operational Creditor and no pre-existing dispute is proved. 18. It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementioned fact it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , as the Interim Resolution Professional with the following directions: - i.) The term of appointment of Mr. Vishawjeet Gupta shall be in accordance with the provisions of Section 16(5) of the Code; ii.) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with 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 wi ..... 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