TaxTMI 
TaxTMI 
2020 (4) TMI 312
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....e provisions of the Companies Act, 1956 having its registered office situated at 208, 2nd Floor, EMCA House, 23/23-B, Ansari Road, Darya Ganj, New Delhi-110002. Since the registered office of the respondent corporate debtor is in Delhi, this Tribunal having territorial jurisdiction over the place, is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of section 60 of the Code. 3. It is the case of the applicant that respondent Corporate Debtor (Shri Balaji Betal Nuts Private Limited) placed an order for supply of approximately 3.5 lakh kgs of Arecanuts in the month of May, 2016. Pursuant thereof applicant has arranged and supplied 3,64,500 kgs of Arecanuts to the Corporate Debtor during the month of the June, 2016 and raised 25 invoices for each supply. The last invoice was raised on 28th June, 2016. 4. It is submitted that the total amount of Arecanuts supplied to the Corporate Debtor was for Rs. 9,74,37,329/- (Rupees Nine Crore Seventy Four Lakh Thirty Seven Thousand Three Hundred Twenty Nine) and the Corporate Debtor agreed to - make the payment immediate....
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....In this part, unless the context otherwise requires, - ** ** ** (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 payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority;" 12. From the definition of "operational creditor" and "operational debt", it can be seen that the following persons can claim to be an "operational Creditor". "i. The person who has claim in respect of provisions of goods (supplied) to the corporate debtor. ii. Persons who have provided service to the corporate debtor, including those who are in employment. iii. Central Govt, State Govt. and local authorities, who are entitled to claim debt in respect of du....
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....dmit the application and communicate such decision to the operational creditor and the corporate debtor if, - (a) the application made under sub-section (2) is complete; (b) there is no payment of the unpaid operational debt; (c) the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor; (d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any. (ii) reject the application and communicate such decision to the operational creditor and the corporate debtor, if - (a) the application made under sub-section (2) is incomplete; (b) there has been payment of the unpaid operational debt; (c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility; or (e) any disciplinary proceeding is pending against any proposed resolution professional: Provided that Adjudicating A....
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....e petitioner has affirmed that respondent corporate debtor has not raised any dispute in respect of the unpaid operational debt. 20. It is reiterated that in the present case the default committed by the corporate debtor is not denied. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the applicant operational creditor. In fact, there is a clear admission of debt and default and therefore there is no need to comply with any additional requirement as provided in Clauses (d) and (e) of sub-section (3) of section 9 of the Code. 21. In terms of sub-section (4) of section 9 of the Code the Petitioner Operational Creditor has proposed the name of Mr. Vikram Singh Rathore, for appointment as Interim Resolution Professional. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. 22. It is also pertinent to note that the default of operational debt clearly exceeds the ceiling of Rs. 1 lakh, as provided in section 4 of the Code. The corporate debtor has also not raised any dispute in respect of t....
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....kh to the Interim Resolution Professional to meet 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. 29. In pursuance of section 13 (2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under section 9 of the Insolvency & Bankruptcy Code, 2016. 30. We also declare moratorium in terms of section 14 of the Code, which shall have effect from the date of this order till the completion of Corporate Insolvency Resolution Process as per sub-section (4) of section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of section 14 (1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) the institution of suit....