9911796707
TMI Blog2021 (11) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... s a Private Limited Company with CIN:U31901TN2001PTC047708 which was incorporated on 07.09.2001 and that its Authorized Share Capital and Paid up Share Capital are Rs. 14,50,00,000/- and Rs. 13,74,60,000/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at Plot D6 Phase II, Zone B. Mepz, Tambaram, Chennai - 600045. 3. Part - III of the Application discloses the fact that the Operational Creditor has not proposed the name of the Interim Resolution Professional and left it to the discretion of this Tribunal to appoint an Interim Resolution Professional from the list furnished by the Insolvency and Bankruptcy Board of India. 4. It was submitted that the Operational Creditor is a Manufacturer of insulated wire, cable, coaxial cable, insulated conductors, enamelled copper wires and insulated strips used in large capacity machines, transformers, electric motors and control equipment. As part of their business, the operational creditor was supplying Enamelled Copper Wires to the Corporate Debtor herein. It is further submitted that the Corporate Debtor is a Special Economic Zone Company (herein after referred to as 'SEZ Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Demand Notice the corporate debtor questions the commercial relationship between the operational creditor and also questions the validity of the demand notice sent. 8. The first issue arises for consideration is that whether the Demand Notice under Section 8 of IBC, 2016 served by the Operational Creditor as per Form 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 does satisfy the mandatory requirements as required under the statutory requirements as per relevant provision of IBC, 2016 and Rules framed thereunder. In order to answer the said issue, it is necessary to refer to the relevant provisions; 8. Insolvency resolution by operational creditor.- (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed. (2) The corporate debtor shall, within a period of ten days of the receipt of the demand notice or copy of the invoice mentioned in sub-section (1) bring to the notice of the operational creditor- (a) existence of a dispute, if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that the 'operational debt' is due and payable by the Corporate Debtor. 11. Thus, in the present case, it is seen from the Demand Notice which is attached along with the typed set and at page 14, the Operational Creditor has attached the following documents along with the Demand Notice. i. Outstanding List with Interest ii. Purchase Orders iii. Invoices Raised iv. Export Promotion Copy. 12. On the question of pre-existing dispute between the parties, it is seen from the typed set filed along with the Applicant that a series of emails have been exchanged between the parties and that the Corporate Debtor has not raised any dispute in relation to the goods supplied by the Operational Creditor, however has only sought time to pay the outstanding amount. 13. Therefore, from the email conversation as filed in the typed set and also from the preliminary Counter and the documents on record it is manifest that the Corporate Debtor has not disputed the supply of goods nor the amount claimed, the only issue raised is "pre-existing dispute" no documents have been enclosed along with the counter in order to support the stand. However, the Corporate Debtor alleges that there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Creditor is required to be admitted under Section 9(5) of the IBC, 2016. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India applicable for the period between July - December 2021 appoints Mr. Thilagar Murugesan, with Reg. No. IBBI/IPA-001/IP-P01659/2019-2020/12715 (email id:- [email protected]) as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (4) 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 Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 19. The Operational Creditor is directed to pay a sum of Rs. 1,00,000/- (Rupees One Lakh Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out the expenses to perform the functions assigned to her in accordance to Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 20. Based on the above terms, the Application stands admitted in terms of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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