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TMI Blog2019 (11) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi - 110020. The petitioner-operational creditor has authorized Mr. Aayush Goenka, Director to file petition on its behalf. The copy of the Resolution passed by the Board of Directors of the company is at page 304 of the petition. There is also an affidavit in support of the contents of the application annexed at pages 17 to 19 of the petition. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. M/s. Shristi Plywood Pvt. Ltd. (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated under the provisions of Companies Act, 2013 with authorized share capital of Rs. 50,00,000/-and paid up share capital of Rs. 43,58,900/-. The CIN of the respondent-corporate debtor is U20232HR2001PTC034736 and its registered office is situated in Gurgaon in the State of Haryana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at Annexure-II/F (Colly) of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the respondent-corporate debtor placed purchase order(s) for supply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3,16,057.25/- (inclusive partial payment of Rs. 39,697.25/- against Invoice No. CFDL/17-18/0256 dated 17.03.2018 and full payment of the unpaid amount of Rs. 2,76,360.00/- against Invoice No. CFDL/17-18/0258 dated 22.03.2018) within 10 days from the receipt of the notice. 6. It is deposed by the Operational Creditor that no reply or notice of dispute has been received from the Corporate Debtor to the Demand Notice dated 25.03.2019 issued by the Operational Creditor. The affidavit is appended with the petition as Annexure-IV. 7. It is submitted that the respondent-corporate debtor failed to comply with the demand notice dated 25.03.2019 nor made any outstanding payment and hence this petition. 8. Notice of this petition was issued to the Corporate Debtor on 04.07.2019 to show cause as to why this petition be not admitted. 9. The Corporate Debtor filed reply vide Diary No. 4379 dated 27.08.2019 by way of affidavit of Mr. Hare Krishna Kajaria, Authorised Representative of the Corporate Debtor. It is submitted that respondent is carrying on the business of trading in plywood, textiles and related products and has been facing financial stress due to slow down in business due to un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 contention which requires further 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ratorium 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 supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raffiliates.com, as the Interim Resolution Professional with the following directions: - i.) The term of appointment of Mr. Ravi Sethia 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 accor ..... 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