TMI Blog2022 (9) TMI 947X X X X Extracts X X X X X X X X Extracts X X X X ..... s claimed in the application. The same has been inferred from the affidavit in terms of Section 9(3)(b) of I B Code, 2016. The affidavit is attached with the main petition from page 59 to 61. It implies that there is no pre-existing dispute in relation to the debt claimed as per Part IV of Form 5. Moreover, the corporate debtor in its reply stated that the amount claimed is not denied and the respondent is not in a position to repay the debt in question. Therefore it is evident from above that the present petition is of admitted liability. Whether this application is filed within limitation? - HELD THAT:- A demand notice issued dated 03.02.2020 in Form 3 attached as Annexure A-5 was duly served on the corporate debtor through speed post delivered on 29.02.2020. It is to be noted that the period of limitation would begin from the date of default i.e. 13.09.2019. This application was filed on 13.03.2020 and refiled on 02.11.2020 vide Diary No. 2002. Therefore, this Adjudicating Authority finds that this application is filed within limitation. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... textile. Operational Creditor entered into an agreement dated 02.07.2019 with the Respondent/ Corporate Debtor for development of the website for the purpose of trading garments and textiles produced by the Corporate Debtor. The Operational Creditor raised two invoices bearing invoice no. DOM-29 and DOM-35 dated 06.08.2019 and 29.08.2019 for a total amount of Rs. 21,13,000. 4. It is submitted by the petitioner in Form 5, Part IV that the amount claimed to be in default is Rs. 21,13,000/- and the default occurred on 13.09.19 i.e. after lapse of fifteen days from the date of last invoice raised. Copy of the invoice/bills raised by the operational creditor (Annexure A-4), copy of Agreement (Annexure A-2), computation of default (Annexure A-3) and copy of ledger statement as maintained in the books of petitioner (Annexure A-7) are attached with the main petition. 5. A demand notice in Form 3 dated 03.02.2020 was sent to the Respondent twice on 04.02.2022 and 13.02.2022. However, on both occasions the post could not be delivered and returned as insufficient address . Thereafter, demand notice was sent via email dated 24.02.2020. Reply in response to e-mail has been received on 09 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame has been inferred from the affidavit in terms of Section 9(3)(b) of I B Code, 2016. The affidavit is attached with the main petition from page 59 to 61. It implies that there is no pre-existing dispute in relation to the debt claimed as per Part IV of Form 5. Moreover, the corporate debtor in its reply stated that the amount claimed is not denied and the respondent is not in a position to repay the debt in question. Therefore it is evident from above that the present petition is of admitted liability. 12. The other issue for consideration is whether this application is filed within limitation. A demand notice issued dated 03.02.2020 in Form 3 attached as Annexure A-5 was duly served on the corporate debtor through speed post delivered on 29.02.2020. It is to be noted that the period of limitation would begin from the date of default i.e. 13.09.2019. This application was filed on 13.03.2020 and refiled on 02.11.2020 vide Diary No. 2002. Therefore, this Adjudicating Authority finds that this application is filed within limitation. 13. We have gone through the contents of the application filed in the Form 5 and find the same to be complete. As discussed above, there is a tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational 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. 17. It is further directed that the manufacturing of clothing and textiles produced by corporate debtor or its business as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 18. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 19. The Law Research Associate attached with the Adjudicating Authority has checked the credent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peration in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. This Adjudicating Authority further directs that the Interim Resolution Professional should also make all efforts simultaneously to retrieve the required information from the computerized data of the corporate debtor from the systems handed over to IRP after initiation of CIRP. For retrieving relevant information, the Interim Resolution Professional may take the help of any digital forensic companies from the empanelled list available with the Registry of this Adjudicating Authority, if required. This is imperative for meeting the Code s objectives for maximizing the value of the assets of the corporate debtor and completing the Resolution Process in a time-bound manner. The Interim Resolution Professional is also directed to make a specific mention of non-compliance, if any, in this regard in his status report filed before this Adjudicati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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