TMI Blog2019 (11) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 for initiation of the CIRP process in the case of the Corporate Debtor M/s. Shristi Plywood Pvt. Ltd. is admitted - moratorium declared. - CP (IB) No. 302/Chd/Hry/2019 - - - Dated:- 21-11-2019 - Ajay Kumar Vatsavayi, Member (J) And Pradeep R. Sethi, Member (T) For the Appellant : Vipul Joshi, Advocate For the Respondents : Vibhu Agnihotri, 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 M/s. Calzini Fashions Limited (Operational Creditor) for initiating Corporate Insolvency Resolution Process (CIRP) in the case of M/s. Shristi Plywood Pvt. Ltd. (Corporate Debtor). The Identification Number of the opera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debt in respect of supply of the aforesaid goods and to that letter corporate debtor replied vide its letter dated 03.01.2019 (Annexure-II/C) acknowledged the unpaid operational debt of ₹ 3,16,057.25/- and assured to be paid latest by 31.01.2019. It is stated that no payment has been made so far. 4. It is stated that the respondent-corporate debtor have failed to discharge its obligations towards the applicant-operational creditor, inasmuch as have failed to make the payment due to the applicant-operational creditor despite various reminders. 5. A demand notice in Form No. 3 is stated to be issued on 25.03.2019 (Annexure-I of the petition). The demand notice was accompanied by the duly issued invoices in the name of the corporate debtor bearing acknowledgement of receipt of goods by the corporate debtor (Enclosure-A) along with copy of operational creditor's letter dated 20.12.2018 (Enclosure-B), copy of corporate debtor's letter dated 03.01.2019 (Enclosure-C), copy of operational creditor's ledger statement showing non-payment of the debt by the corporate debtor (Enclosure-D) and working computation of debt and default in tabular form (Enclosure-E). The cop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rly served. The demand notice dated 25.03.2019 was sent at the address as per the master data at Page No. 46 of the petition in which the registered office is shown as Vijay Vihra, Silokha Road, Gurgaon, Haryana - 122001. There is no reply to demand notice by the corporate debtor. 13. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The respondent corporate debtor has not filed any reply to the demand notice dated 25.03.2019 nor disputed the liability towards the operational creditor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. 14. 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 operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partial payment of ₹ 39,697.25/-against Invoice No. CFDL/17-18/0256 dated 17.03.2018 and full payment of the unpaid amount of ₹ 2,76,360.00/- against Invoice No. CFDL/17-18/0258 dated 22.03.2018). As a statutory requirement under Section 9(3)(b) of the Code, an affidavit dated 08.05.2019 (Annexure-IV of the petition) has been placed by the operational creditor stating that despite service of the demand notice dated 25.03.2019, no reply or notice of dispute has been received and has not paid the operational debt referred to in this petition as unpaid. 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. 17. 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 default, which is more than ₹ 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where the application for corporate insolvency resolution process is made by an operational creditor and - a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional; b) xxxxx Sub-section (4) of Section 16 says that the Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (3),recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. 23. In this regard a letter bearing File No. 25/02/2019-NCLT dated 28.06.2019 has been received from the National Company Law Tribunal, New Delhi forwarding therewith a copy of letter No. IBBI/IP/EMP/2018/02 dated 24.06.2019 along with the guidelines and the panel of resolution professionals approved for NCLT, Chandigarh Bench for appointment as IRP or Liquidator. The panel is valid for six months from 01.07.2019 to 31.12.2019. We select Mr. Ravi Sethia appearing at Serial No. 35 of the panel to be appointed as Interim Resolution Professio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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