TaxTMI 
TaxTMI 
2019 (3) TMI 1593
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....solvency and Bankruptcy Code, 2016, R/w Rule 6 of the Insolvency and Bankruptcy (AAA) Rules, 2016, by inter alia seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of M/S. Hajee A P Bava & Company Constructions Pvt. Ltd, (Respondent/Corporate Debtor), on the ground that Corporate Debtor failed to pay an outstanding amount of Rs. (Rupees Sixty Six Lakhs Eight Seven Thousand Five Hundred Forty Only) as on 20. 09. 2018. 2. Brief facts of the case as mentioned in the Company Petition are as follows: a. M/S. Hajee A. P. Bava & Company Constructions Pvt. Ltd. , (Respondent Company) was incorporated on 12. 03. 2008 bearing CIN No. U45209KA2008FTC045571. Its authorized nominal share capital is Seven Crore ....
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....t; and iii. Has not notified any dispute between the Corporate Debtor and the Operational Creditor or of any arbitration proceedings already going on between the parties relating to the debt claimed. Further, the reply dated 8th October, 2018 stated that they are organising funds for repayment of dues and asked for 60 days time. f. That after expiry of 10 days of statutory notice from the date of receipt of Demand Notice, the Operational Creditor filed a Petition under Section 9 of the Code, after serving a copy of the petition on the Corporate Debtor, and the first hearing took place on 03. 12. 2018. On the said date, the Corporate Debtor was not represented by any one and accordingly, a notice was served by the ....
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....al Creditor and the same has been intimated to the Operational Creditor on several occasions. Corporate Debtor has also submitted that the Petition filed by the Operational Creditor under 1& B Code, 2016 is time barred, because as per the Petition the default in payment has Occurred on 20. 08. 2016. 5. The statement of objections further states that the Corporate Debtor has expressed their readiness to settle the sum of Rs. as full and final settlement of the claim of the Applicant towards the total outstanding owed to the Operational Creditor within next four months from 05. 02. 2019, 6. Heard Shri G. K. Jain, Learned PCA for Petitioner and Shri N. Gowtham Raghunath, along with Ms. Misha Thomas, learned Counsel for Corporate Debtor a....
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....Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, it is stated that Adjudicating Authority, while examining an application filed under Section 9 of Code, will have to determine: i Whether there is an 'operational debt' as defined exceeding Rs. l Lakh? ii Whether documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? iii Whether there is existence of dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before receipt of demand notice of the unpaid operational debt in relation to such dispute? If any one of aforesaid conditions is lacking, the application would hav....
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....y effort by the Respondent to either make payment of the debt and any effort to arrive any settlement. You are requested to kindly communicate to the Hon'ble Court to kindly pronounce the Order, reserved on 08th February, 2019. " 10. In the instant petition, in light of the discussion on the proposition of law entailed in the preceding paragraphs and considering the circumstances of the case. We are satisfied that the default in question has occurred, there is no existence of dispute, and the petition filed under Section 9 of Code, 2016 is complete and there are no disciplinary proceedings pending against the proposed resolution professional, Mr. Addanki Haresh bearing IP Registration No. IBB1/1PA-001/1P-P-01064/2017-2018/ 11757 purs....
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....lessor where such property is occupied by or in the possession of the corporate debtor. iii That the supply of essential goods or services to the corporate debtors, if continuing, shall not be terminated or suspended or interrupted during moratorium period. iv That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. v. That the order of moratorium shall have effect from Ilth March, 2019 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate de....