Section 9 insolvency application admitted on admitted debt, triggering CIRP, moratorium and appointment of an Interim Resolution Professional.

An application under Section 9 of the Insolvency and Bankruptcy Code was found maintainable because the operational debt and default were admitted, supported by invoices, part-payments, balance confirmation and a statutory demand notice. The claim was held to be within limitation, and jurisdiction was found on the basis of the corporate debtor's registered office. The Tribunal therefore admitted the application and directed commencement of CIRP, including declaration of moratorium, public announcement, appointment of an Interim Resolution Professional, cooperation by the ex-management, and deposit of expenses by the operational creditor.

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Issues: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was maintainable and liable to be admitted on the admitted operational debt, and whether consequential CIRP directions including moratorium and appointment of an Interim Resolution Professional were warranted.

Analysis: The debt and default stood admitted by the corporate debtor, and the record showed invoices, part-payments, balance confirmation, and issuance of a statutory demand notice under the Code. The claim was found to be within limitation and the Tribunal recorded jurisdiction on the basis of the registered office of the corporate debtor. On that basis, the application satisfied the requirements for initiation of the corporate insolvency resolution process. Consequentially, the Tribunal directed declaration of moratorium, public announcement, and appointment of an Interim Resolution Professional, with further directions for cooperation by the ex-management and deposit of expenses by the operational creditor.

Conclusion: The Section 9 application was admitted and CIRP was directed to commence against the corporate debtor, along with moratorium and ancillary insolvency-process directions.

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