TMI Blog2022 (5) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... al track report is also on record as Annex- G - It is not in dispute the Corporate Debtor did not reply the demand notice. Although, the Corporate Debtor submitted and contended that nothing is due and payable but the record reveals that is has sent an email dated 11.07.2019 to the Operational Creditor admitting that certain money is due and payable. There is sufficient evidence and materials on record to hold that the Corporate Debtor has committed default in paying the operational debt of more than rupees one crore in-spite of receipt of the demand notice - It is also noted that certain orders passed in daily proceedings wherein, the Corporate Debtor made statement and sought time to make that it will settled that the dispute and soug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t paid on 19.10.2019, the Operational Creditor sent the Corporate Debtor a demand notice under Section 8 of the I.B. Code. In-spite of receipt of the demand notice, the Corporate Debtor did not pay the debt nor pointed out any pre-existing dispute by way of reply and hence, this application. 3. The Corporate Debtor was served with the notice of this application. It has entered and appeared through Mr. Suresh Patel, CEO of the Corporate Debtor. He filed affidavit-in-reply. We have gone through the affidavit in reply. The Corporate Debtor raised some technical defenses say as for numbers of invoices one proceeding is filed, notice under Section 8 of the I.B. Code was sent under the signatory of Insolvency Professional without any authoriza ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 8. In short, there is sufficient evidence and materials on record to hold that the Corporate Debtor has committed default in paying the operational debt of more than rupees one crore in-spite of receipt of the demand notice. 9. The Corporate Debtor contended that no amount remains to be unpaid, it did not produce any evidence to prove accordingly. The Corporate Debtor also contended that there is a pre-existing dispute in between them but again, no material is produced to sustain this defense. All invoices produced by the Operational Creditor in support of its claim proves the series of transactions and that cannot be treated as separate invoices. 10. We have also noted certain orders passed in daily proceedings wherein, the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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 Securitisation and Reconstruction of Financial 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. 3. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section [1] of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods/service to the Corporate Debtor Company, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. 8. The IRP shall be under duty to protect and preserve the value of the property of the Corporate Debtor Company and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency Bankruptcy Code, 2016. The Operational Creditor is directed to pay an advance of Rs. 50,000/- (Rupees Fifty Thousand Only) to the IRP within two weeks from the date of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process ( CIRP ) and IRP to file proof of receipt of such amount to this Adjudicating Authority a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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