2019 (11) TMI 774

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....ty) Rules, 2016 (for brevity 'the Rules') by M/s Dynamic Security (for brevity 'Applicant') through its Partner Mr. Karan Singh who is duly authorized vide General Power of Attorney dated 15.06.2019, with a prayer to initiate the Corporate insolvency process against M/s Ajit Automotive Services Private Limited (for brevity 'Respondent'). 2. The Applicant namely M/s Dynamic Security is a Partnership firm, having its registered office at V 15-A, Old Nangal Delhi Cantt, South West Delhi- 110010. 3. The Respondent namely M/s Ajit Automotive Services Private Limited is a company incorporated on 29.03.1995, under the provisions of Companies Act, 1956, with CIN No. U74899DL1995PTC066882, having its registered office at C- 91/10, Wazirpur Ind....

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....Four Lakhs Fifty-Two Thousand Five Hundred and Fourteen only) within 10 days from receipt of the notice. 8. In Part-IV of the present application, the Applicant has given the details of the total amount of the Operational debt and the transactions on account of which the debt fell due. PARTICULARS OF OPERATIONAL DEBT 1. TOTAL AMOUNT OF DEBT The total amount of debt due is Rs. 4,52,514/- (Rupees Four Lakhs Fifty-Two Thousand Five Hundred and Fourteen Only). 2. AMOUNT CLAIMED TO BE IN DEFAULT The amount of default is Rs. 4,52,514/- (Rupees Four Lakhs Fifty-Two Thousand Five Hundred and Fourteen Only). 9. The Respondent vide its letter dated 07.06.2019, replied to the demand notice dated 01.06.2019 issued under Section 8 o....

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.... has Observed that- - "The adjudicating authority, when examining an application under Section 9 of the Act will have to determine: (i) Whether there is an "operational debt" as defined exceeding Rs. 1 lakh? (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? If any one of the aforesaid conditions is lacking, the application would have to be....

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....ablishing the default in payment of the operational debt beyond doubt, and fulfilment of requirements under section 9(5) of the Code. Hence, the present application is admitted. 16. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Respondent prohibiting provisos (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(3) of the Code shall come in vogue. 17. The Applicant has proposed the name of any Interim Resolution Professional. In view of the same, this Bench appoints Mr. Mohinder Singh having registration No. IBBI/IPA-001/IP-P00593/2017-18/11046, h....