TaxTMI 
TaxTMI 
2017 (5) TMI 854
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....y resolution process against the respondent claiming that the petitioner is an 'Operational Creditor' within the meaning of Section 5(20) and the respondent owes operational debt to the petitioner within the meaning of section 5(21) of the Code. It has also been claimed that the respondent is a defaulter in making the payment of operational debt and the claim is within the period of limitation. 2. Brief facts necessary for disposal of the instant petition may first be noticed. The 'Corporate Debtor' awarded a contract to the 'Operational Creditor'-petitioner by placing seven work orders to it. The detail of the work orders is as follows: 1. EILE-EPC/2009-10/193, Dt. 17.03.2009 value Rs. 4,06,50,525/- 2. EILE....
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....6.2014 5,23,016/- 6. 5502 -Do- 15.07.2014 5,23,016/- 7. 5524 -Do- 15.08.2014 5,23,016/- 4. The 'Operational Creditor'-petitioner has claimed that it had sent several e-mails to the Corporate Debtor on 03.03.2015, 28.05.2015, 30.10.2015, 26.03.2016, 09.05.2016 & 03.06.2016. None of the e-mails could evoke any positive response towards the payment of the outstanding amount. It shows that the Corporate Debtor has committed default. Thereafter the Operational Creditor-petitioner served a legal notice on the Corporate Debtor on 10.01.2017 under Section 271 Companies Act, 2013 demanding a sum of Rs. 68,23,328/- (Rupees Sixty Eight Lakhs Twenty Three Thousand Three Hundred and Twenty Eight Only....
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....have heard learned counsel at some length. On our query as to how the claim is covered by the period of limitation as provided by the Limitation Act, 1963 learned counsel took time on 20.03.2017 and then made submission on 23.03.2017. According to the learned counsel once the post-dated cheques were issued with the dates of 15.03.2014, 15.04.2014, 15.05.2014, 15.06.2014, 15.07.2014 & 15.08.2014 then the claim cannot be considered as barred by limitation. The cheques were dishonoured on presentation although the first cheque with the date 15.02.2014 was replaced and payment was received. According to the learned counsel the issuance of post-dated cheques and its non-payment would give a fresh lease of limitation period. In support of his sub....
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....g accounts of the Operational Creditor confirming that there is no payment of an unpaid operational debt by the Corporate Debtor; and (d) such other information as may be specified. 8. A perusal of the aforesaid would show that a copy of the invoice demanding payment or demand notice delivered by the Operational Creditor to the Corporate Debtor must be placed on record. An affidavit showing that there was no notice given by the Corporate Debtor in raising a dispute of the unpaid operational debt is also required to be filed. A copy of the certificate from the financial institutions maintaining accounts of the Operational Creditor confirming that there is no payment of an unpaid operational debt by the Corporate Debtor should also be o....
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....se for triggering the insolvency resolution process. Accordingly, we initiate the insolvency resolution process. As the interim resolution professional has not been named, we appoint Shri Vivek Goyal practicing Chartered Accountant (Mobile No. 98155-22553) who is duly registered with Insolvency Bankruptcy Board (IBBI/IPA-001/IP-00089/2016-17/1117). The provisional insolvency professional shall take immediate steps in terms of Section 14 as there would be a 'Moratorium' on the Corporate Debtor. The provisions of Section 14 are extracted below for a ready reference and the same reads as under: 14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order de....