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TMI Blog2020 (12) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... contents of the application which is from pages 28 and 29 of the petition. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. Ebusinessware (India) Private 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. 25,00,000/- and paid up share capital of Rs. 10,90,000/-. The CIN of the respondent-corporate debtor is U72900HR1999PTC035346 and its registered office is situated in Gurugram 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 page 43 of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the petitioner-operational creditor is engaged in the business of consulting in respect of Accounts and Finance. The Corporate Debtor has hired the services of the operational creditor by retaining him as an independent Contractor to perform consultancy services for corporate debtor, on the terms set forth vide Agreement dated 01.01.2017. The Opera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice with acknowledgement of receipt by the corporate debtor is attached as Annexure - II of the petition. 8. It is submitted that the respondent-corporate debtor failed to comply with the demand notice dated 21.08.2019 nor made any outstanding payment and hence this petition. 9. In Part III of Form 5, the operational creditor has proposed Mr. Jugraj Singh Bedi, bearing Registration No. IBBI/IPA-001/IP-P00731/2017-18/11208 as the Interim Resolution Professional. The consent of the proposed IRP is furnished in Form No. 2 is placed at Annexure IV (Page 60 & 61), in which he has stated that he is currently serving as an Interim Resolution Professional in one another proceedings. It is also stated that there are no disciplinary proceedings pending against the proposed Interim Resolution Professional with the Insolvency and Bankruptcy Board of India or with the Institute of Insolvency Professionals of ICSI. 10. Notice of this petition was issued to the Corporate Debtor on 04.12.2019 to show cause as to why this petition be not admitted. 11. On the last date of hearing, the learned counsel on behalf of the respondent submitted that the Corporate Debtor is not in a position to clear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational 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 the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application." 17. We have gone through the contents of the application filed in Form No. 5 and find the same to be complete. As discussed above, there is an total unpaid operational debt (in defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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. 21. 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 operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 22. 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. 23. The Law Research Associate of this Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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