TMI Blog2020 (1) TMI 1262X X X X Extracts X X X X X X X X Extracts X X X X ..... all - the demand notice in Form No. 3 was properly delivered by the Operational Creditor and no pre-existing dispute is proved. 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 - application admitted - moratorium declared. - CP (IB) No. 339/Chd/Hry/2019 - - - Dated:- 22-1-2020 - Ajay Kumar Vatsavayi, Member (J) And Pradeep R. Sethi, Member (T) For the Appellant : Vaibhav Sahni, Advocate For the Respondents : Deepankur Sharma, 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 short hereinafter referred to as 'Rules') by Mr. Vishwadeep Azad, Proprietor of Ultratreat Industrial Services (Operational Creditor), for initiating Corporate Insolvency Resolution Process (CIRP) in the case of M/s. Karan Processors Pvt. Ltd. (Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debt (in default) of ₹ 1,25,2580/- (inclusive of interest of ₹ 9,729/-) within 10 days from the receipt of the notice. The copy of demand notice duly acknowledged by the corporate debtor is at page 47 of the petition. 6. The corporate debtor has chosen not to reply to the above stated demand notice dated 20.05.2019. 7. It is deposed by the Operational Creditor that it has not received any reply to the demand notice from Corporate Debtor. It is also deposed that there is no notice given by the Corporate Debtor relating to a dispute of the unpaid operational debt. The affidavit is appended with the petition as Annexure A-7. It is submitted that the respondent-corporate debtor failed to comply with the demand notice dated 20.05.2019 did not made any outstanding payment and hence this petition. 8. In Part III of Form 5, the operational creditor has proposed Mr. Sameer Rastogi, bearing Registration No. IBBI/IPA-002/IP-N00226/2017-2018/10677 as the Interim Resolution Professional. The consent of the proposed IRP is furnished in Form No. 2 is placed at page 92 to 95, in which he has stated that he is currently serving as Resolution Professional in no proceeding, 1 li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce 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 pending against any resolution professional proposed under subsection (4), if any. 15. The Hon'ble Supreme Court in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, (2018) 1 SCC 353, Civil Appeal No. 9405 of 2017, held as under:- 51. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(ii)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the existence of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP process in the case of the Corporate Debtor M/s. Karan Processors Pvt. Ltd. and direct moratorium and appointment of Interim Resolution Professional as below. 19. We declare the moratorium in terms of sub-section (1) of Section 14 of the Code, as under:- a) the institution of suits or continuation of pending suits or proceedings 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 Securitization and Reconstruction of Operational 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 corporate debtor. 20. It is further directed that the supp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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