Corporate Insolvency Process Commenced under Section 9 The Tribunal admitted the Application under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process ...
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Corporate Insolvency Process Commenced under Section 9
The Tribunal admitted the Application under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process against the Corporate Debtor due to default in payment. An Interim Resolution Professional was appointed, and a moratorium period was imposed on the Corporate Debtor. The Operational Creditor was directed to pay a specified sum to cover expenses. The decision marked the commencement of the resolution process, with all relevant parties notified for compliance.
Issues involved: Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 for Corporate Insolvency Resolution Process due to default in payment by Corporate Debtor.
Detailed Analysis: 1. The Application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, sought to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for defaulting in payment of a substantial amount, including interest. The Operational Creditor provided detailed information regarding the contractual relationship and outstanding payments.
2. The Operational Creditor presented evidence such as work orders, invoices, statement of account, and balance sheet to support their claim of non-payment by the Corporate Debtor. Despite multiple requests and legal notices, the Corporate Debtor failed to settle the outstanding debt, leading to the initiation of the insolvency proceedings.
3. The Tribunal, after examining the submissions, documents, and evidence presented, concluded that the debt and default by the Corporate Debtor were established. Consequently, the Tribunal decided to admit the Application and initiate Corporate Insolvency Resolution Process against the Corporate Debtor.
4. As the Operational Creditor did not name an Insolvency Resolution Professional, the Tribunal appointed an Interim Resolution Professional based on the list provided by the Insolvency and Bankruptcy Board of India. The Tribunal outlined the moratorium period and restrictions applicable to the Corporate Debtor during this phase.
5. The Tribunal directed the Operational Creditor to pay a specified sum to the appointed Interim Resolution Professional to cover necessary expenses. The Order was communicated to all relevant parties and authorities for record-keeping and compliance.
6. In conclusion, the Application was admitted, and the moratorium period came into effect, signaling the beginning of Corporate Insolvency Resolution Process against the Corporate Debtor. All parties involved were duly informed of the Tribunal's decision for further actions and compliance.
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