TaxTMI 
TaxTMI 
2020 (4) TMI 553
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.... Authority) Rules, 2016 (hereinafter referred to as "AAA Rules") by the Applicant in the capacity of the Operational Creditor viz., M/s. Disha Communications Private Limited against the Corporate Debtor viz., M/s. Sri Varadaraja Food Exports Private Limited. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional. 2. Part-I of the Application sets out about the Operational Creditor from which, it is evident that the Operational Creditor is a Private Limited Company. Part-II of the said Application discloses the particulars of the Corporate Debtor from which it is seen that the Corporate Debtor is having....
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....the Learned Counsel for the Operational Creditor has drawn the attention of this Authority to the documents as annexed along with the Application. From the documents as annexed, it is seen that at pages 6 to 43 contains Press Space Bill raised from time to time to the Corporate Debtor for services being rendered by the Operational Creditor. In this connection, the Learned Counsel for the Operational Creditor points out that the credit period given in the Letter of Agreement dated 8-7-2016 stipulates that the bills as raised by the Operational Creditor is required to be paid within 30 days from the said bills and that in case of any objections on the said bills, it is required to be made within 7 days from the date of receipt of the said bil....
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....ce seems to have been sent by the Corporate Debtor. 8. One Mr. VR Babu Veerappan has filed an Affidavit dated 26-6-2019 on behalf of the Operational Creditor in compliance of section 9(3)(b) of the I&B Code, 2016, wherein under Para 3, it has been deposed that the Operational Creditor has not received any notice of dispute with regard to the unpaid operational debt, copy of which is placed at pages 52 and 53 of the typed set filed with the Application. The Operational Creditor has also filed the statement showing bill-wise details of amount due to the Operational Creditor by the Corporate Debtor at page 51 of the typed set filed along with the Application. 9. In the absence of any Reply to the Demand Notice issued as well as to the presen....
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....the Operational Creditor has not proposed any IRP, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India appoints Ms. Srividhya Subramanian (IBBI/IPA-001/IP-P00659/2017-18/11129) (email id:[email protected]) as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of section 9(5) of the Code, the moratorium as envisaged under the provisions of sect....
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....rom the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-section (1) of section 31 or passes an order for liquidation of Corporate Debtor under section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 14. The Operational Creditor is directed to pay a sum of Rs. 2,00,000/- (Rupees Two Lakhs Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out the exp....