Tribunal admits petition under Insolvency Code, grants moratorium, appoints Professional.

The Tribunal admitted the petition under Section 9 of the Insolvency and Bankruptcy Code, finding the Operational Creditor entitled to initiate the Insolvency Resolution Process due to non-payment by the Corporate Debtor. A moratorium under Section 14 of the Code was imposed, directing the continuation of essential supplies to the Corporate Debtor and specifying exceptions to the moratorium. An Insolvency Professional was proposed, and the case proceeded with necessary actions as per relevant sections, with a report scheduled to be submitted within the statutory period.

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Issues:
Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 by a private limited company claiming to be an Operational Creditor against a Corporate Debtor for outstanding invoices.

Analysis:
The petitioner, a private limited company, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming to be an Operational Creditor. The company provided logistics services to the Corporate Debtor and raised invoices for services rendered between May 2016 and July 2016, totaling &8377; 8,58,426.87. Despite repeated demands, the Corporate Debtor failed to settle the outstanding amount.

The petition was filed in the prescribed manner under the Code, accompanied by copies of invoices and delivery receipts. The Director of the Operational Creditor, authorized by a Board Resolution, sent a notice under Section 8 of the Code, which remained unanswered. The petitioner maintained a ledger reflecting the debit and credit transactions with the Corporate Debtor.

The Operational Creditor's bankers certified that the amount due from the Corporate Debtor had not been received. The Operational Creditor complied with the mandatory requirements of Section 9(3)(a), (b), and (c), stating that the Corporate Debtor did not dispute the unpaid debt and had no grievances with the services provided.

Despite various attempts to serve the Corporate Debtor, no response was received. The Tribunal found the Operational Creditor entitled to initiate the Insolvency Resolution Process due to non-payment by the Corporate Debtor. The petition under Section 9 of the Code was admitted, and a moratorium under Section 14 of the Code was imposed, prohibiting specific actions against the Corporate Debtor.

The Tribunal directed the continuation of essential supplies to the Corporate Debtor during the moratorium period and specified exceptions to the moratorium as notified by the Central Government in consultation with financial regulators. An Insolvency Professional was proposed, and upon fulfilling the criteria, the petition was admitted, and the moratorium came into effect.

The Interim Resolution Professional was instructed to proceed with necessary actions as per relevant sections and submit a report within the statutory period. The case was scheduled for the IRP's report on a specified date, and both parties were to be informed of the order.

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