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TMI Blog2021 (10) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... part of the CD in settling the amount of Rs. 8,55,500 (Pg 12 of Petition)including CGST and SGST @ 9% towards Office Management Charges. The details of transactions leading to the filing of this application as averred by the OC are as follow: * CD approached OC for providing office management services and issued invoice dt 25.09.19 aggregating to Rs. 8,55,500 in favor of OC for the same (Pg 19). * OC issued the Demand Notice under Section 8 of IBC as per Rule 5(1)(a) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to the CD on 05.01.20 (Pg 20 of Petition). However, CD has not replied to the said demand notice. 2. Subsequently, the CD filed a reply to the application on 06.02.2021 stating that the OC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the invoice mentioned in sub-section (1) bring to the notice of the operational creditor- (a) existence of a dispute, if any, or record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute; (b) the payment of unpaid operational debt- (i) by sending an attested copy of the record of electronic transfer of the unpaid amount from the hank account of the corporate debtor; or (ii) by sending an attested copy of record that the operational creditor has encashed a cheque issued by the corporate debtor. Explanation. - For the purposes of this section, a "demand notice" means a notice served by an operational creditor to the corporate debtor demanding payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is no payment of any unpaid operational debt by the corporate debtor or such other information, as may be prescribed. (4) An operational creditor initiating a corporate insolvency resolution process under this section, may propose a resolution professional to act as an interim resolution professional. (5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (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 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not raised any dispute to the outstanding dues to OC. Further, CD has admitted that it had suffered huge losses and hence was unable to make arrangements for the payment of the demand. The applicant has placed sufficient evidence in support of its claim. Going by the above details, the OC has clearly established the existence of debt and default on the part of the CD. The petition is within the limitation period. 6. In view of the above facts, the present application deserves to be admitted. Hence, the present application is admitted initiating CIRP on the CD, with immediate effect. 7. The OC has proposed the name of IRP; therefore, we appoint Mohd Nazim Khan (Registration No. IBBI/IPA-002/IP-N00076/2017-2018/10207; Mobile: 98181 56340 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by or in the possession of the CD. 10. The supply of the essential goods or services to CD as specified, are not to be terminated or suspended or interrupted during the moratorium period [Sec 14(2) of IBC]. 11. The IRP shall perform all his functions contemplated, inter-alia, under Sections 17, 18 and 21 of IBC and conduct proceedings with utmost dedication, honesty and strictly in accordance with the provisions of IBC, Rules, Regulations and shall file reports before the Adjudicating Authority. It is further made clear that all the personnel connected with CD, its promoters or any other persons associated with the Management of CD are under legal obligation as per Section 19 of IBC to extend every assistance and cooperation to the IRP as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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