Tribunal admits petition under Insolvency & Bankruptcy Code based on operational debt.

The Tribunal admitted the petition under section 9 of the Insolvency and Bankruptcy Code, 2016, based on the establishment of operational debt and default by the Corporate Debtor. Evidence presented by the Operational Creditor, including purchase orders and ledger accounts, supported the claim, while the Corporate Debtor's challenges were not upheld. Consequently, the Tribunal declared moratorium, appointed an Interim Resolution Professional, and issued necessary directions to ensure the resolution process. The petition was officially admitted, and the Corporate Debtor's status was updated accordingly.

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Issues:
- Admission of petition under section 9 of Insolvency and Bankruptcy Code, 2016
- Establishment of operational debt and default by the Corporate Debtor
- Appointment of Interim Resolution Professional

Admission of Petition under Section 9:
The petition was filed by the Operational Creditor seeking admission under section 9 of the Insolvency and Bankruptcy Code, 2016, stating that a principal amount along with interest was due and payable by the Corporate Debtor towards tax invoices for the supply of industrial equipments/consumable products. The Operational Creditor provided detailed averments including supply details, ledger accounts, demand notices, and responses from both parties. The Corporate Debtor disputed the claim, alleging lack of requisite documents and fabricated invoices. The Tribunal considered the submissions and framed a point for consideration on the establishment of operational debt by the Operational Creditor and default by the Corporate Debtor.

Establishment of Operational Debt and Default:
The Operational Creditor presented evidence of purchase orders, delivery of goods, and outstanding payments through ledger accounts. The Corporate Debtor disputed the delivery and authenticity of documents, challenging the demand notice and signatures on delivery challans. However, the Tribunal noted that the Corporate Debtor had acknowledged the invoices and receipt of goods before disputing them after receiving the demand notice. The ledger maintained by the Operational Creditor was not disputed by the Corporate Debtor, indicating default in payment. Consequently, the Tribunal found that the operational debt and default by the Corporate Debtor were established, leading to the admission of the petition under section 9 of the Code.

Appointment of Interim Resolution Professional:
Following the establishment of operational debt and default, the Tribunal admitted the petition and declared moratorium under section 14 of the Code. Various directions were issued, including prohibiting suits against the Corporate Debtor, ensuring continuity of essential services, and appointing an Interim Resolution Professional (IRP). The Tribunal appointed a specific IRP based on compliance with relevant regulations and directed the petitioner to communicate the order to the proposed IRP. The petition was officially admitted, and the Registry was instructed to update the status of the Corporate Debtor accordingly.

This detailed analysis highlights the legal proceedings, evidentiary considerations, and the Tribunal's decision regarding the admission of the petition, establishment of operational debt, and the appointment of an Interim Resolution Professional in the context of the Insolvency and Bankruptcy Code, 2016.

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