TMI Blog2021 (10) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... er section 9(3)(b) dated 22.02.2020 affirming that no notice of dispute has been given by the corporate debtor relating to dispute of the unpaid operational debt - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. The present application is complete and the Applicant is entitled to claim its dues, remained uncontroverted by the Corporate Debtor, as no dispute was raised against section 8 notice reply to section 9 application was not filed on e-portal hence we proceeded the matter with hearing. The default in payment of the operational debt is beyond doubt and is established and even after order was reserved, on the day of clarification the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revival of the corporate debtor and pursuant to the negotiations between the parties, an agreement of engagement of appointing applicant as consultant was executed on 17.12.2018 between the parties. 5. The applicant submits that as per the clause (3) of the agreement, the professional fees was agreed to be ₹ 6,00,000/- for period of one year. It was further agreed that the said professional fee shall be payable to the applicant in quarterly instalments within 15 days from the receipt of the invoice. Clause 3 of the consultancy agreement is reproduced herein: Clause 3. FEE i. The professional fee will be ₹ 6,00,000/- per year. ii. The professional fees shall be payable to the consultants in quarterly installmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of the pending outstanding dues. It is stated that the corporate debtor kept assuring the applicant that all dues shall be cleared, but of no vail till yet. 8. The applicant further submits that the corporate debtor contacted the applicant and offered an additional assignment dated 09.08.2019 for purpose of negotiating the sale of shares of few companies with the objective to restructure and revive the corporate debtor. Pursuant to which, the corporate debtor executed a letter of authority in favour of the applicant. The corporate debtor agreed to pay professional fees for this assignment and also assured to clear the previous dues. The extracts from the assignment are as follows: Your professional fees for this assignment wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d a letter dated 02.01.2020 to the corporate debtor demanding payment of dues. The corporate debtor in its response vide letter dated 07.01.2020, admitted the dues of the applicant however, till date no payment has been released. The extracts from the letter dated 07.01.2020 are reproduced herein: You have been able to get us extensions from FPI and we appreciate all your efforts and we request you to show patience for few more days. As soon as our transaction with Religare is concluded, we will clear all your bills. We appreciate all your efforts and professionalism in giving your services. The copy of letter dated 07.01.2020 is annexed. 11. The applicant issued a demand notice dated 09.01.2020 under the I B Code, 2016 read ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e barred and the application is filed within the period of limitation. 15. The Applicant has filed an affidavit under section 9(3)(b) dated 22.02.2020 affirming that no notice of dispute has been given by the corporate debtor relating to dispute of the unpaid operational debt. 16. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 17. In the given facts and circumstances, the present application is complete and the Applicant is entitled to claim its dues, remained uncontroverted by the Corporate Debtor, as no dispute was raised against section 8 notice reply to section 9 application was not filed on e-portal hence we proceeded the matt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 20. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the Corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. 21. A copy of the order shall be communicated to the Applicant, Corporate Debtor and IRP above named, by the Registry. In addition, a copy of the or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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