TMI Blog2019 (11) TMI 1614X X X X Extracts X X X X X X X X Extracts X X X X ..... rational creditor stating that there is no dispute of unpaid operational debt pending between the parties in any court of law or authorities as on today. The demand notice in form No. 3 was properly delivered by the Operational Creditor and no preexisting dispute is proved - 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. 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. Datawind Innovations Pvt. Ltd. and direct moratorium and appointment of Interim Resolution Professional - petition admitted - moratorium declared. - CP (IB) NO. 311/CHD/PB/2018 - - - Dated:- 13-11-2019 - AJ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l provide its services to the respondent for import of goods and the respondents shall pay the amount as per the bills raised by the petitioner. The relationship between the parties started when the respondent company approached the petitioner for giving business of freight forwarding. In June 2016 the petitioner submitted its quotation to the respondent company which was agreed between the parties after some clarifications and the respondent company started giving its shipments to the petitioner. The print out of abovementioned communications between the parties are annexed herewith as Annexure-P/4 (Colly). 4. On 26.08.2016 operational creditor raised its first invoice vide invoice Number 116-60826930874 dated 26.08.2016 which is annexed herewith as Annexure-P/5. Petitioner provided its services of freight forwarding and customs clearance etc to respondent company till 08.12.2016 vide last invoice number 116-61226930212. Petitioner raised all the invoices from 26.08.2016 to 08.12.2016 for providing its services to respondent company and all the invoices were received and accepted by respondent company. Copies of invoices available with the petitioner are attached herewith as An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5, the operational creditor has not proposed the name of the Interim Resolution Professional. 9. Notice of this petition was issued to the Corporate Debtor on 11.10.2018 to show cause as to why this petition be not admitted and the next date of hearing was 11.12.2018. 10. The Corporate Debtor filed reply vide Diary No. 141 dated 11.01.2019 by way of affidavit of Mr. Rupinder Singh, Executive Vice President and Authorised Representative of the Corporate Debtor. It is submitted that the corporate debtor has already disputed the existence of claim on behalf of the operational creditor vide its response to the demand notice. It is further stated that the corporate debtor has already disputed the existence of any debt in favour of operational creditor in its response to the demand notice. There are numerous e-mails showing pendency/existence of pre-existing dispute. It is mentioned that there is a pending insurance claim against the operational creditor at Ontario, Canada. There is also a police complaint dated 09.06.2018 pending against operational creditor in Delhi for misappropriation of goods, loss of shipment, breach of trust etc. Copy of the complaint is attached at Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t reject the application under Section 9(5)(ii)(d) if notice of dispute has been received by the operational 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor any of its assets or any legal right or beneficial interest therein; c) 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 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 deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 cause a public announcement within three days as contemplated under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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