9911796707
TMI Blog2022 (10) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... s the 'corporate debtor/respondent'). The present petition has been filed in Form 5 as prescribed in Rule 6 (1) of the Rules. The petition is supported by affidavit of Mr. Dinesh Kumar Jain, Proprietor of the operational creditor and the same is at page 10 of the petition. 2. The corporate debtor, namely, Vishal Rice Exports Private Limited, is a company incorporated on 26.02.2008 under the Companies Act, 1956, having CIN U51909PB2008PTC031701 and its registered office is at Super Market, Samana, Punjab. Therefore, the matter falls within the territorial jurisdiction of this Adjudicating Authority. Copy of master data of the corporate debtor is at Annexure 2 of the petition. 3. The brief facts, as stated in the petition, are that the operational creditor, supplied rice to the respondent/corporate debtor on 01.12.2018 and 02.12.2018 and raised invoice No. 11 dated 01.12.2018 for an amount of Rs. 4,00,064/- and invoice No. 12 dated 02.12.2018 for an amount of Rs. 3,54,445/-, total amounting to Rs. 7,54,509/-. Copies of the invoices have been annexed as Annexure A-4 with the petition. 4. Since, the respondent/corporate debtor failed to make the payment, the operational cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecords carefully. 9. The first issue for consideration is whether the demand notice dated 16.06.2019 was properly served. As discussed above, the demand notice sent at registered address of the respondent/corporate debtor, as available on the master data of the corporate debtor, was delivered and tracking report showing its delivery has also been annexed with the petition. 10. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The petitioner/operational creditor has filed an affidavit dated 16.08.2019 (Annexure A-7) under Section 9(3)(b) of the Code, wherein it has been deposed that till the filing of the present petition there is no dispute communicated by the respondent/corporate debtor for the unpaid debt and no payment has been received during this period. Further, it has been deposed that no reply has been received to the demand notice within the stipulated 10 days time from the receipt of demand notice and that there is no preexisting dispute between the parties at all with regard to the unpaid operational debt. 11. The other issue for consideration is whether this application was filed within limitation. A perusal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnexure A-3, wherein it has been stated that there are no disciplinary proceedings pending against him with the Board or IIIPI. The said application was allowed by this Adjudicating Authority vide order dated 29.09.2022. 15. In the present petition, all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the petitioner is complete in all respects. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP in the case of the corporate debtor, Vishal Rice Exports Private Limited. 16. We also direct moratorium in terms of sub-section (1) of Section 14 of the Code as under:- a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18(1)(f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1)(b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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