TaxTMI 
TaxTMI 
2018 (4) TMI 1478
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....s a 'Corporate Debtor'. 2. Before embarking upon the legal issue few facts may first be noticed. The Operational Creditor is a proprietorship firm having its office situated at plot No. 1301, GIDC, Ankleshwar-393002. It is engaged in the business of inter alia installation, erection, testing and commission of electrical items. 3. The Corporate Debtor 'Tecpro Engineers Limited' has been incorporated on 31.05.2005. Its identification number is U74210DL2005PLC136976. Its authorized share capital is 3,00,00,000/- and paid up share capital is Rs. 2,48,50,000/-. It is based at 106, Vishwadeep Tower, Plot No. 4, District Centre, Janakpuri, New Delhi-110058. 4. The 'Operational Creditor' has proposed Interim Resolution Professional with the name....
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....rate Debtor located at REL-Parichha Site, Jhansi, U.P.. This contract was worth Rs. 25,43,330.00 (Rupees Twenty Five Lakhs Forty Three Thousand Three Hundred and Thirty only) subject to other terms and conditions as mentioned therein. Copies of the letter of intent have been placed on record (Annexure A5). 7. The Operational Creditor pleaded that it had handed over the complete site along with all necessary deliverables as stated in the aforementioned letter of intent on 17.09.2011 and 30.06.2011 respectively, and since then the total amount due and recoverable from the Corporate Debtor for the deliverables made as per the aforesaid letter of intent to the site namely Rajwest Power, Bhardesh Site, Barmer, Rajasthan is Rs. 5,27,560.43/- and....
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....long with the final demand notice vide form 4 (as stated in NCLT Rules, 2016) to the Corporate Debtor through registered post on 25.07.2017 but the Corporate Debtor did not pay any heed to the same. Copies of the invoices and final demand notice have been placed on record (from pgs. 78 to 105). 11. The Operational Creditor then attached the Bank statements where deposits are made or credits received normally by the Operational Creditor in respect of the debt of the Corporate Debtor. A copy of the bank statement has been placed on record (Annexure A6). 12. Thereafter in compliance of the order dated 24.08.2017 passed by this Tribunal, the Operational Creditor submitted bankers certificate in original as required by the provisions of Sectio....
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....of Section 5(21) of the Code were procured by the Corporate Debtor from the Operational Creditor on various occasions. For determination of the issue in the present petition it would be necessary to examine the definition of the expressions Operational Creditor and Operational Debt given in Section 5(20) & (21) of the Code and the same is set out below:- Section 5(20) & (21) (20) "operational creditor" means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; (21) "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in forc....
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....te from the financial institution/bank maintaining accounts of the Operational Creditor has been filed to satisfy the requirement of Section 9(3)(c) of the Code. 18. As a sequel to the above discussion, this petition is admitted and Shri Atul Kumar Kansal is appointed as an Interim Resolution Professional. His registration number is IBBI/IPA- 001/IP-P00035/2016-17/10088. 19. In pursuance of Section 13(2) of IBC we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of IBC. We also declare moratorium in terms of Section 14 of IBC. The consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) & (d) ....