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TMI Blog2019 (1) TMI 1986X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor') to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on account of non-pay ment of Operational Dues as per End user license Agreement entered into by the Operational Creditor and the Corporate Debtor aggregating to Rs. 4,03,750/-- along with interest 18% per annum as on 01.04.2016, through two invoices. 2. The Operational Creditor has furnished Form No. 5 under Rule 6 of the Insokency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) on 09.05.2018 by invoking the provisions of Section 9 of the Code. 3. In the requisite Form, under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as Mi Marathi Media Limited, hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor is under an obligation to pay 8,00,000/- or 0.6% of 10,00,00,000-, whichever is higher, as the Subscription value for the licensed data as per Statement of Work (SOW), as annexed in the Petition. 7. As per End User License Agreement between the Operational Creditor and the Corporate Debtor, the Operational Creditor issued invoices in favour of the Corporate Debtor for pending Operational Dues aggregating to 4,03,750/- along with interest 1 8% p.a. through two invoices. Submissions by the Operational Creditor: 8. The Learned Advocate for the Operational Creditor has submitted that the Corporate Debtor has sein two invoices dated 01.08.2016 and 01.10.2016 respectively for Rs. 4,60,000/- and 2,30,000/-. Out of the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed on record. The Learned Advocate finally submitted that the Application/Petition U/s. 9 of the Code is fit for admission: as the Debtor has presumably admitted the amount to be paid by not appearing before the Tribunal. No Submissions by the Corporate Debtor 13. The Corporate Debtor has never appeared before this Bench. Therefore, no question of any argument being raised to contest the outstanding debt. No reply has been received till date. It is presumed that there is nothing to say in defence. The Corporate Debtor has nowhere denied his liability to pay the amount claimed. Findings:- 14. I have gone through the submissions and pleadings on record. On the basis of the evidences on record the Operational Creditor h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that, the Operational Creditor has not received the outstanding Debt from the Debtor and that the formalities as prescribed under The Code have been completed by the Operational Creditor. It is my conscientious view that this Petition deserves 'Admission' specially wherein the Debtor is accepting its default. 18. The Operational Creditor has proposed the name of Interim Resolution Professional. Consequentially, this Bench hereby appoints CA Subrata Maity, having registration no. as IBBl/lPA-001/IP-P00884/2017-18/11481, having address at B-202, Jal Gurudeo Complex, Plot No. 16-25, Sector 17 Kamothe, Navi Mumbai-410209, as Interim Resolution Professional for initiation of CIRP. 19. Having admitted the Petition/Application, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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