TMI Blog2020 (10) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... y the corporate debtor. In the light of above facts and records, the present application is admitted, in terms of section 9(5) of IBC, 2016. The Applicant has filed an affidavit under section 9(3)(b) dated 16.11.2018 affirming that no notice of dispute has been given by the Corporate debtor relating to dispute of the unpaid operational debt - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - The default occurred from 16.01.2018, hence the debt is not time barred and the application is filed within the period of limitation. Application admitted - moratorium declared. - Company Petition No. IB 1635/ND/2018 - - - Dated:- 30-7-2020 - Dr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Private Limited company incorporated on 05/09/2005, under the provisions of Companies Act, 1956 bearing CIN No. U40100DL2005PLC257673 and having its registered office at Second Floor, Plot No. 360, Block - B. Sector 19 Dwarka New Delhi (South west Delhi) -110075. The Authorized Share Capital of the company is 75,00,00,000/-(Rupees Seventy-Five Crores Only) and the paid-up share capital of ₹ 62,73,59,000/- (Rupees Sixty-Two Crores Seventy-Three Lacs Fifty-Nine Thousand Only). 4. The applicant submits that the parties entered into a consultancy services Agreement dated 25th October 2012, as per the said agreement the corporate debtor could avail specialized services of the applicant, and the applicant was awarded the work of carry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to initiate court proceeding against them for the amount due and payable. The applicant further submits that despite service of the said notice the corporate debtor did not make any payment or replied to the said notice. Further on 13th June 2017 the applicant served a legal notice on the corporate debtor as per the postal receipts and tracking report annexed herein. 8. The applicant issued a demand notice dated 20.09.2017 under Section 8 of the code along with invoices and ledger accounts calling upon the corporate debtor to pay the total outstanding amount of ₹ 131,45,856/- (including the principal amount of ₹ 89,27,576 along with interest of ₹ 42,18,280/-calculated @ 18 %p.a. up to 31st August 2017) The notice was se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate debtor has filed reply by asserting that there is a pre-existing dispute between the parties and submitted that vide email dated 11-03-2013, the corporate debtor has raised and intimated the accounts office of the applicant regarding the poor quality of work and the same not being as per the agreement signed between the parties. The corporate debtor has further annexed the concerned email highlighting each and every aspect of the default. 13. The applicant filed a rejoinder controverting the averments made in the reply and has submitted that no dispute regarding any invoice or format was raised and assurance for payment against the same was received. The applicant further submits that the corporate debtor is trying to depict ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls us that a debt means a liability of obligation in respect of a claim and for the meaning of claim , we have to go back to Section 3(6) which defines claim to mean a right to payment even if it is disputed. The Code gets triggered the moment default is of rupees one lakh or more (Section 4). The corporate insolvency resolution process may be triggered by the corporate debtor itself or a financial creditor or operational creditor. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under subsection (7), the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time barred and the application is filed within the period of limitation. 21. Since the Applicant has not named the Insolvency Resolution Professional, Mr. Diwan Chand Arya with registration number IBBI/IPA-001/IP-N00256/2019-20/12925 (email -aumdcarya@gmail.com), is appointed by this Hon'ble Tribunal as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against such an IRP named who may act as an IRP in relation to the CIRP of the Respondent and specific consent should be filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and make disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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