TMI Blog2021 (5) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... urnished the reason for the claim on the aforesaid period. The operational creditor had manipulated second log book by forging signatures and compelled the authorized person of the corporate debtor to sign in the manipulated log book - On 17.11.2020, the corporate debtor sent a reply legal notice denying the liability to the tune of ₹ 42,02,000/- as claimed by the operational creditor. Inspite of raising disputes over the second tax invoice by email communications, the operational creditor filed an affidavit on 21.01.2020 before this Tribunal stating that the corporate debtor has not raised any dispute with respondent in respect of the debt. Upon perusal of pleadings and documents, it is clear that there is outstanding debt due and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wards claim for an Operational Debt. This application was filed on 07.02.2020. At that relevant point, this Adjudicating Authority had jurisdiction to entertain 'debt' of rupees one lakh and above. 2. In Part-IV of the application, the learned counsel for the Applicant submits that the Applicant Company is carrying on business of supply of cranes on a hire/rental basis for various companies. The Corporate Debtor is engaged in the business of installing Wind Turbine Generators. During the course of its business, the Corporate Debtor approached the Operational Creditor for the purpose of renting cranes for their project site at TVH Energy Resource Private Limited, Theni Wind Farm Site, Theni District. After negotiations, the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... responded nor paid the debt due. On 05.10.2019, the Operational Creditor had issued Demand Notice and the same was received by the Corporate Debtor on 08.10.2019 as reflected in the postal acknowledgement filed. The Operational Creditor was maintaining a running account in respect of invoices raised against the Corporate Debtor and the last invoice raised by the Operational Creditor was on 27.08.2019. 5. According to the Applicant, demand notice was sent to the Corporate Debtor on 05.10.2019 demanding payment in respect of unpaid operational debt of ₹ 42,02,000/- as on 27.09.2019. The Corporate Debtor failed and neglected to pay the outstanding dues. In response to the legal notice, the corporate debtor has admitted that there is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d at page. 12 to 17. Since the operational creditor had withdrawn crane before 16.07.2019, the corporate debtor was compelled to extend crane hiring for another 15 days from 16.7.2019 to 30.07.2019. On 29.08.2019, operational creditor had orally informed that they require hard copy of the work order with seal and sign after a gap of more than 15 days and it was sent on the same day by the corporate debtor. During the month of September 2019, the operational creditor sent a tax invoice dated 27.08.2019 for 26 days for an amount of ₹ 23,60,000/- totally disregarding the fact that the cranes were utilized only for 5 days. The certified log sheets for 2 cranes viz. LR 1400/2 and AC 80/1 for the period July-August 2019 (page. 22 to 26) evi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent and also acknowledged by respondent, the respondent ought to settle the outstanding dues, irrespective of the fact whether the equipment was under utilisation or not. 11. Hence, based on discussion supra, 'debt' and 'default' is proved by the Applicant. 12. Accordingly, this application IBA/417/2020 stands admitted and consequently Corporate Insolvency Resolution Process is initiated. 13. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the list furnished by Insolvency and Bankruptcy Board of India appoints Mr. G. Gunasekaran, Regn. No [IBBI/IPA-001/IP-P00681/2017-2018/11178] Email: cagunasekar@yahoo.com as the Interim Resolution Professional subj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay be specified shall not be terminated or suspended or interrupted during moratorium period. (2) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 15. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (3) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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