TMI Blog2020 (12) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 lac by the respondent-corporate debtor - the petition for initiation of the CIRP process in the case of the Corporate Debtor M/s. Ebusinessware (India) Private Limited is admitted. Petition admitted - moratorium declared. - CP (IB) No. 573/Chd/Hry/2019 - - - Dated:- 18-5-2020 - Ajay Kumar Vatsavayi, Member (J) And Pradeep R. Sethi, Member (T) For the Appellant : Jyoti Bakshi For the Respondent : Shikha Sharma Arora, Advocates 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 Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s towards the applicant-operational creditor, inasmuch as have failed to make the payment due to the applicant-operational creditor. 5. A demand notice in Form No. 3 dated 21.08.2019 is stated to be served upon the Corporate Debtor by speed post (Annexure II of the petition). The demand notice was accompanied by computation of default in tabular form and the copy of invoices raised by operational creditor against the services rendered to the corporate debtor. Copies of invoices are attached at pages 48 to 53 of the petition. The corporate debtor vide this demand notice was called upon to repay the total unpaid operational debt (in default) of ₹ 8,16,150/- (principal amount of ₹ 5,70,000/- and interest @18% thereon of ₹ 2,46,150/- till August 2019) within 10 days from the receipt of the notice. 6. It is deposed by the petitioner that the Operational Creditor has neither received any payment qua the aforesaid outstanding amount from the Corporate Debtor nor have been served with any notice of dispute of the unpaid operational debt. The affidavit is appended with the petition from pages 57 to 58. 7. The operational creditor has filed an affidavit vide Dairy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eration is whether the operational debt was disputed by the corporate debtor. The respondent corporate debtor has neither filed any reply to the petition nor has disputed the liability towards the operational 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 stated that Corporate Debtor is not in a position to clear the debt. 15. 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 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) t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount of ₹ 5,70,000/- + interest @ 18% thereon of ₹ 2,46,150/-). As a statutory requirement under Section 9(3)(b) of the Code, an affidavit dated 26.09.2019 (at pages 57 to 58 of the petition) has been placed by the operational creditor stating that demand notice issued on 21.08.2019 by speed post. We have held above that the demand notice in Form No. 3 was properly delivered by the Operational Creditor and no preexisting dispute is proved. 18. 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 lac by the respondent-corporate debtor. 19. In view of the satisfaction of the conditions 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. Ebusinessware (Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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