TMI Blog2019 (9) TMI 1460X X X X Extracts X X X X X X X X Extracts X X X X ..... re being raised to the completeness of the application filed under Section 9 (2) of the Code. The operational debt remains unpaid and the demand notice under Section 8 of the Code was duly delivered to the Corporate Debtor on 31.10.2018. The reply to the demand notice has been examined above and found to be not acceptable. The proposed Resolution Professional Shri Vigyan Prakash Arora, has filed Form No.2 in which he has stated that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition is admitted for initiation of the CIRP process in the case of the Corporate Debtor M/s. Addinath Rubbers Private Limited - moratorium declared. - CP (IB) No. 42/Chd/HP/2019 - - - Dated:- 25-9-2019 - Ajay Kumar Vatsavayi, Member (J) and Pradeep R. Sethi, Member (T) For the Appellant : Adhiraj Bhardwaj, Advocate For the Respondents : Atul V. Sood, Advocate JUDGMENT Ajay Kumar Vatsavayi, Member (J) 1. This petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solved. 6. The petition is signed by Shri Himesh Taneja, proprietor of the Operational Creditor and has also filed an affidavit dated 15.12.2018 verifying the contents of Form No. 5. He has also filed an affidavit dated 15.12.2018 (Page 281-283) stating that the petitioner has sent a demand notice dated 31.10.2018 to the Corporate Debtor at its registered office under Section 8 of the Code, demanding payment of the operational debt amounting to ₹ 55,28,133/-. It is also stated that the payment of ₹ 90,000/-was made by the Corporate Debtor after issuance of the demand notice dated 31.10.2018. It is further deposed that the Corporate Debtor vide its reply dated 07.11.2018 to the demand notice, has raised an illusionary dispute with the Bank and no amount has been received by the Operational Creditor from the Corporate Debtor in satisfaction of any part of invoices issued by the Operational Creditor to the Corporate Debtor. 7. In Part III of Form 5, the operational creditor has proposed Mr. Vigyan Prakash Arora, bearing Registration No. IBBI/IPA-001/IP-P01106/2017-2018/11797 as the Interim Resolution Professional. The consent of the proposed IRP is furnished in Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to reject the application. 12. The present petition is filed by the Operational Creditor since payment for invoices issued in respect of the goods supplied, have not been paid by the corporate debtor. The total amount of debt is stated to be ₹ 55,28,133/-. Along with the petition, the Operational Creditor has filed the Ledger of the Corporate Debtor in the books of the Operational Creditor which is placed as annexure A-7 of the petition. The statement of accounts of Operational Creditor maintained with Union Bank of India ranging from 01.04.2015 to 14.12.2018 is also found attached with the petition as Annexure A-8. 13. It is evident that the Corporate Debtor has already made the payment of ₹ 90,000/- after issuance of the demand notice as prescribed in Form 4 dated 31.10.2018, thereby reducing the liability from ₹ 55,28,133/- to ₹ 54,38,133/-. 14. During the course of hearing, learned counsel for the respondent-Corporate Debtor has contended that the Corporate Debtor has defaulted in making payment of the debt and therefore, it is held that there is no dispute as to the debt and default by the Corporate Debtor. 15. In view of the above discus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial 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 apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. 21. 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. 22. The Law Research Associate of this Tribunal has checked the credentials of Mr.Vigyan Prakash Arora and there is noth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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