TaxTMI 
TaxTMI 
2019 (8) TMI 269
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....of claim is Rs. 25,54,786.91/- and the last payment made by the Corporate Debtor in the present case as per the petitioner is on 14.10.2016. 3. The Operational Creditor has sent the Demand Notice dated 12.01.2018 under section 8 of I&B Code demanding the total amount of debt of Rs. 25,54,786.91. 4. The Operational Creditor has stated that the invoices and challans are accepted by the Corporate Debtor, and this proves that the amount claimed by the operational creditor is duly accepted by the Corporate Debtor. Further, the Operational Creditor has stated that the Corporate Debtor sent its ledger copy by an email dated 07.04.2015 to the Operational Creditor, which proves that the Corporate Debtor acknowledged the outstanding debt. 5. The Operational Creditor submitted that the letter dated 05.11.2015 shows that the Corporate Debtor was aware of its liability to pay the Operational Creditor and Corporate Debtor admitted the outstanding unpaid debt of Rs. 18,51,451/-. The letter further mentioned the payment of the debt by way of instalments as per below-mentioned schedule: i. First Instalment: Rs. 4,00,000/- (before 31.12.2015) ii. January 2016 to April 2016....
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....spute concerning the supply of goods and services till filing of the Petition under I&B Code. Even in the reply, the Corporate Debtor failed to prove any dispute and have allegedly tried to create dispute without any basis. 11. Since the Corporate Debtor failed to make a payment, the Operational Creditor has filed this Petition before this Tribunal. 12. Heard the parties and perused the material available on record. 13. The M/S Shine &Shine Enterprises is sole proprietorship concern, and Petition is filed by Mr Shivshankar Baburam Jaiswal, as Appointed Attorney for this purpose of M/S Shine & shine Enterprises, duly authorised by Power of Attorney dated 23.06.2017. 14. As per section 9(3)(b) of the I&B Code, the Operational Creditor stated that there is no notice given by the Corporate Debtor relating to a dispute of the unpaid Operational Debt. Further, Operational Creditor states that there is no dispute in existence about the unpaid operational debt. 15. In compliance of Sec 9(3)(c) of the Insolvency and Bankruptcy Code,2016, the Operational Creditor has submitted the letter dated 08.03.2018 by the IDBI Bank to confirm that as per the records available with the ba....
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....orm 3 or 4, as the case may be (Section 8(1)). Within a period of 10 days of the receipt of such demand notice or copy of invoice, the corporate debtor must bring to the notice of the operational creditor the existence of a dispute and/or the record of the pendency of a suit or arbitration proceeding filed before the receipt of such notice or invoice in relation to such dispute (Section8(2)(a)) National Company Law Tribunal existence of the dispute and/or the suit or arbitration proceeding must be "pre-existing," i.e. it must exist before the receipt of the Demand Notice." 20. There is no pre-existing dispute raised regarding the unpaid operational debt in the present case. Further in Para 40 of the said judgment, it is held that: Para 40: " It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dis....
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....posed the name of an Interim Resolution Professional. This bench, therefore, appoints Mr Anish Gupta, Registration No. IBBI/IAP-002/IP-N00285/2017-18/10843 as Interim Resolution Professional with his consent in Form 2 declaring that no disciplinary proceedings are pending against him. 25. The application made by the Operational Creditor is complete in all respects as required by law, and it clearly shows that the operational debt is due and has not been paid. Thus it is clear that petition filed U/S 9 of the Code deserves to be admitted. Order 26. The petition filed by M/s Shine & Shine Enterprises, the Petitioner/Operational Creditor against the Cannan Engineering Private Limited, the Respondent/Corporate Debtor, U/S 9 of the I&B Code 2016 is at the moment admitted. We further declare moratorium under section 14 of the I&B Code with consequential directions, as mentioned below: I. That this Bench at this moment prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; ....