TaxTMI 
TaxTMI 
2020 (6) TMI 596
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....y (Application to Adjudicating Authority) Rules, 2016 (for brevity "the Rules") with a prayer for initiation of the corporate insolvency process in respect of respondent-operational debtor. 2. The applicant-M/s. Dhingra Trading Co., is a proprietorship firm of Sunita Dhingra, Pan AAGPD3298P and Aadhar No. 818305834233 having its registered office at 9518, Gali No. 13, Multani Dhanda, Pahar Ganj, New Delhi-110 055. Also at : 2582, Sir Syed Ahmad Road, Darya ganj, New Delhi-110 002. 3. The operational debtor-M/s. Amazing India TV P. Ltd., Identification number U74300DL2010PTC209133 having its registered office at S-41, second floor, Room No : 201 School Block, Shakarpur, East Delhi-110 092. 4. The applicant has filed under section 9 ....
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....ld be presented for encashment. When the operational creditor went with cheques to encash it, the above- mentioned cheques were dishonoured. The operational creditor informed the operational debtor about the dishonoured cheques. 8. That after being aggrieved from the inactions of the operational debtors in making the default payment, the operational creditor filed a complaint under section 138 of the Negotiable Instruments Act, 1881 before the learned Chief Metropolitan Magistrate, Karkardooma Courts for the dishonour of cheques. That apart from the 3 cheques totalling Rs. 40,00,000 due from the bounced cheques, the operational debtor owes a total of Rs. 51,30,000 to the operational creditor. 9. That being aggrieved of the aforemen....
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.... the perusal of the aforesaid provision we find that in pursuant to the corporate debtor after the receipt of the demand notice is required to raise the dispute within ten days from the receipt of demand notice either the "existence of dispute" or show the documents that the payment of the unpaid operational debt has already been made. And if the corporate- debtor fails to raise the "existence of disputes" and documents showing the payment has not been paid operational debt then the operational-creditor has right to file an application under section 9 of the Insolvency and Bankruptcy, Code, 2016. In the light of the aforesaid when we considered the case then we find that in this case no reply to the demand notice was sent by the corporate d....
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....subject to adjustment by the committee of creditors as accounted for by the interim resolution professional and shall be paid back to the petitioner. 17. 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 and Bankruptcy Code, 2016. 18. 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 conseque....
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....a contract of guarantee to the corporate debtor in terms of section 14(3)(b) of the Code. 20. The interim resolution professional shall perform all his functions contemplated, inter alia, by sections 15, 17, 18, 20 and 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations. It is further made clear that all the personnel connected with the corporate debtor, its promoters or any other person associated with the management of the corporate debtor are under legal obligation under section 19 of the Code to extend every assistance and cooperation to the interim resolution professional as may be required by him in managing the day to day affairs ....