TaxTMI 
TaxTMI 
TaxTMI 
2018 (11) TMI 1192
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.... (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of Respondent company, claimed to be the corporate debtor. 2. The applicant Insynergy Supply Chain Solutions Private Limited, claimed to be the operational creditor, is a private limited company incorporated under the provisions of Companies Act, 1956 having its registered office at A-4, Mahipalpur Extn Main Vasant Kunj Road, New Delhi-110037. 3. The Respondent Easytech Global Private Limited against whom initiation of Corporate Insolvency Resolution Process has been prayed for, is a company incorporated on 06.06.2014 under the Companies Act, 1956 having its registered office at E-92, 2nd floor, Masjid Moth, Greater Kailas....
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....financial year. 7. The Corporate Debtor has further contended that on 23.06.2017 against its admitted liability, it made a part payment amounting to Rs. 2,50,000/- only which has not been duly accounted for in the ledger account maintained by operational creditor. Hence, after adjusting the above received amount against the running account, the closing balance amount of Rs. 6, 36,643/- is still lying outstanding and pending to be paid by corporate debtor. 8. Further the Operational Creditor have argued that the mutually agreed terms of the issued invoices clearly stipulate that in case the amount shown in the respective invoice is not cleared upon presentation of the tax invoice, an interest @ 18% per annum on the outstanding amount shall....
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....icating Authority) Rules, 2016, dated 10.05.2018 and sent to the corporate debtor on 16.05.2018. The applicant in its demand notice has submitted that Rs. 6,36,643/- along with an interest @ 18% on the outstanding debt only from the date of the last invoice w.e.f. 25.10.2016 to 10.05.2018 which is calculated and workout to be Rs. 1,71,992/-. Hence the total amount claimed to be in default is Rs. 8, 08,635/- and is pending to be paid by respondent to the applicant. The Corporate Debtor's reply dated 22.05.2018 to this notice has been filed as Annexure-4 along with the petition. 13. The Respondent Company has filed its reply on 13.08.2018 and raised objection against the application. It is submitted that the application filed by the Oper....
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....an be seen that the applicant has provided the services i.e. clearing the shipment of the respondent company from customs. Having providing services to the respondent company, the applicant clearly comes within the definition of Operational Creditor. Similarly, the claim of outstanding payments to applicant comes within the definition of Operational Debt. Respondent company having admitted that they have availed the services provided by the Operational Creditor and there being default in payment of claimed amount, and the respondent failed to establish the fact that there is pending dispute between the parties. Such application deserves to be admitted for triggering Corporate Insolvency Resolution Process against the respondent corporate de....
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....tion panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. " 20. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the ess....
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....fessional to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. This shall however be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the petitioner. 24. The Interim Resolution Professional shall perform all his functions contemplated, inter alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected wit....