TMI Blog2021 (4) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... ing authority is of the considered view that operational debt is due to the Applicant and it fulfilled the requirement of I B Code. No dispute has been raised by the respondent at any point of time. That, Applicant is an Operational Creditor within the meaning of Section 5 sub-section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. The corporate debtor has committed default in payment of operational debt and, therefore, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code - Application admitted - moratorium declared. - C. P. No. (IB) 40/9/NCLT/AHM/2020 - - - Dated:- 30-3-2021 - Manorama Kumari , Member ( J ) And Chockalingam Thirunavukkarasu , Member ( T ) For the Appellant : Jatin Kapadia , PCS For the Respondents : Kunal Nanavati , Advocate ORDER Manorama Kumari, Member (J) 1. Mr. Rakesh Yadav, filed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 16,02,000/- (Rupees sixteen lacs two thousand only). 6. The applicant has further stated that he made several requests to the respondent company with regard to the Benchmark Revenue in accordance with the terms of the agreement, however, the payment of outstanding operational debt has been refused by the respondent which clearly shows unwillingness of the company to pay the outstanding operational debt, therefore, this petition. 7. It is further stated by the applicant that having failed to get the payment of operational debt, the applicant was compelled to issue demand notice dated 11.11.2019 in form 3 under Section 8 of the Code which was duly received by the respondent on 13.11.2019. That, the applicant has not received any reply to the demand notice. 8. In support of its claim, the operational creditor has annexed to the application documents like; copy of management service agreement (page 21-46), copy of email communications between the parties (page 47-50), computation of the outstanding amount (51) authorisation (page 32), true copy of ledger account of the operational creditor (page 52-53), bank statement (page 54-88), copy of demand notice (92-99) etc. 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of providing safe, affordable, secure and reliable quality living spaces to millions of our valued customers across the globe and are privileged to have you as a part of this mission. In synchronisation with our common goal of creating affordable quality living space for our customers and as a part of imperative business conduct, some restructuring may be required to be performed by us to bring us closer to the objective. It is through our collective efforts and cooperation that we shall continue to achieve new heights in the hospitality industry. Accordingly, as a part of our ongoing restructuring, we wish to share with you that Alcott is transferring its rights and obligations under the aforementioned agreement to its group company, Mypreferred Transformation and Hospitality Private Limited (MTH) with effect from June 1, 2019. Please note that this does not impact your rights and obligations under this Agreement in any way and your property will continue to be managed under the OYO Brand. Consequently, all payments due to you under the agreement shall now be made by MTH in accordance with the existing payment terms of the agreement. We thank you for your ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the operational debt due and payable to the Applicant. 18. The documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt. 19. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ (JP) 2 SC that while examining an application under Section 9 of the Act, will have to determine the following:- (i) Whether there is an operational debt as defined exceeding ₹ 1.00 lac (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? If any of the aforesaid conditions is lacking, the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 24. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 25. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the 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 und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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