Tribunal admits petition for CIR Process after finding proper service of demand notice.

The Tribunal found that the demand notice was properly served to the corporate debtor, leading to the debt being deemed undisputed. The application was filed within the limitation period, satisfying conditions under Section 9 of the Code. Consequently, the Tribunal admitted the petition for initiating the CIR Process for the corporate debtor, imposing a moratorium and appointing an Interim Resolution Professional (IRP) to manage the affairs and convene a Committee of Creditors. The petitioner was directed to deposit a specified amount for CIRP expenses, to be reimbursed by the Committee of Creditors.

---

---

Issues:
1. Proper service of demand notice
2. Disputed operational debt by the corporate debtor
3. Timeliness of the application

Analysis:

Issue 1: Proper service of demand notice
The petitioner provided a tracking report showing delivery of the demand notice via speed post to the corporate debtor. As no reply was received, the Tribunal found that the demand notice was properly served.

Issue 2: Disputed operational debt by the corporate debtor
The corporate debtor did not appear, leading to an ex-parte order. The petitioner submitted an affidavit stating that the demand notice was served as per Section 9 of the IBC, and no notice disputing the debt was received from the corporate debtor. Thus, the operational debt was deemed undisputed.

Issue 3: Timeliness of the application
The application was filed within the limitation period, as it was submitted on 12.08.2021, while the default date was 23.04.2019. The Tribunal concluded that the application was timely.

The petitioner proved the debt and default exceeding one crore rupees, leading to the satisfaction of conditions under Section 9 of the Code. Consequently, the Tribunal admitted the petition for initiating the CIR Process for the corporate debtor and imposed a moratorium.

The Tribunal appointed an Interim Resolution Professional (IRP) and directed the suspension of the Board of Directors' powers. The IRP was tasked with managing the affairs of the corporate debtor, preparing an inventory of assets, and ensuring compliance with the Code and ethical standards. Additionally, the IRP was instructed to convene a Committee of Creditors, provide progress reports, and manage immediate expenses for the CIRP.

The petitioner was directed to deposit a specified amount with the IRP for CIRP expenses, to be reimbursed by the Committee of Creditors. The order was communicated to all parties involved, and the petition was admitted by the Tribunal.

---