TMI Blog2020 (10) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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. 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 above mentioned facts, 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 - In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition for initiation of the CIRP process in the case of the Corporate Debtor M/s. Ram Hari Auto's Pvt. Ltd. is admitted and moratorium and appointment of Interim Resolution Professional is declared. Application admitted - moratorium declared. - CA No. 1235 of 2019 and CP (IB) No. 629/Chd/H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting and failed to make payments against the invoice and the date from which the debt fell due is stated to be 26.10.2019. As per Part-IV of Form 5, the amount claimed to be in default is ₹ 37,16,400/- as on 26.10.2019. Computation of amount is annexed at Annexure P-8 of the petition. 4. It is stated that the respondent-corporate debtor have failed to discharge its obligations towards the applicant-operational creditor, inasmuch as it has failed to make the payment due to the applicant-operational creditor despite various reminders. 5. A demand notice in Form No.3 4 is stated to be issued on 16.10.2019 (Annexure P-4 of the petition). The demand notice was accompanied by the copy of computation in tabular form, duly issued invoice in the name of the corporate debtor and copy of ledger account of Corporate Debtor. Copies of these enclosures are attached at pages 32 to 37 of the petition. The corporate debtor, vide this demand notice, was called upon to repay the total unpaid operational debt (in default) of ₹ 37,16,400/- within 10 days from the receipt of the notice. The copy of demand notice duly acknowledged by the corporate debtor is at page 25-30 of the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the admitted position of the debt and the admitted position as regards the inability to repay the same, this Tribunal may pass appropriate orders for admission of the matter. 11. On the last date of hearing on 31.01.2020, the learned counsel appearing for the respondent submitted that respondent-corporate debtor admits the liability to pay the debt to the petitioner and also their inability to clear the said debt. It is further submitted that the respondent-corporate debtor has no objection if the CP is admitted for initiation of CIRP. 12. We have heard the learned counsel for the corporate debtor and operational creditor and have also perused the records. 13. The first issue for consideration is whether the demand notice in Form No. 3 4 dated 16.10.2019 was properly served. The demand notice dated 16.10.2019 was sent at the address as per the master data at Page No.20 of the petition in which the registered office is shown as Village Rani Ki Bain, P.O. Gutkar, District Mandi, Himachal Pradesh-175021. The postal receipt in respect of the Demand Notice is at page-24 of the petition. 14. The copy of demand notice duly acknowledged by the Corporate Debtor is at Page 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investigation and that the dispute is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. 18. We have gone through the contents of the application filed in Form No.5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of ₹ 37,16,400/-. Copy of Ledger Account of the corporate debtor in the books of the financial creditor for the period of 01.04.2012 to 20.10.2019 (pages 33 to 36 of the petition) has been filed. The copy of invoices has been filed at Annexure P-6 of the petition. Moreover, demand notice in Form No. 3 4 was also sent on 16.10.2019 stating that the amount due as on 04.05.2018 from the corporate debtor to the ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orium 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. 23. 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 corporate debtor under Section 33 as the case may be. 24. The Law Research Associate of this Tribunal has checked the credentials of Mr. Ravinder Kumar Goel and there is nothing adverse against him. In view of the above, we appoint Mr. Ravinder Kumar Goel, Registration No. IBBI/IPA-001/IP-P00705/2017-2018/11252, Mobile No. 9914092211, E-mail: ravinderkumargoel@yahoo.in, resident of Flat No. 211, Platinum Tower, Peer Muchalla, Dhakoli, Sahibzada Ajit Singh Nagar, Punjab-160104 as the Interim Resolution Professional with the following directions: - i.) The term of appointment of Ravinder Kumar Goel shall be in accordance with the provisions of Section 16(5) of the Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of his appointment, and shall convene first meeting of the Committee within seven days of filing the report of constitution of the Committee; and vii.) The Interim Resolution Professional is directed to send regular progress report to this Tribunal every fortnight. A copy of this order be communicated to both the parties. The learned counsel for the petitioner shall deliver copy of this order to the Interim Resolution Professional forthwith. The Registry is also directed to send copy of this order to the Interim Resolution Professional at his email address forthwith. CA No. 1235 of 2019 The operational creditor moved CA No. 1235/2019 in CP (IB) No.629/Chd/HP/2019 under Section 60(5) of the Code praying for stay on the alienation of all the assets i.e. movable and immovable of the corporate debtor. While issuing notice of this CA to the corporate debtor to show cause as to why this application be not admitted, vide order dated 20.12.2019, the respondent/corporate debtor was directed not to sell/alienate/ mortgage any of the moveable and immoveable properties of the respondent/corporate debtor without the leave of this Tribunal. In view of the admission of the C.P., as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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