AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2020 (7) TMI 298
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....The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. U.I. Beverages Pvt. Ltd., (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated on 12-11-2013 under the provisions of Companies Act, 2013 with nominal share capital of Rs. 7,40,00,000/- and paid up share capital of Rs. 5,98,91,500/-. The CIN of the respondent-corporate debtor is U15549PB2013PTC038092 and its registered office is situated at B-XX-550, Pearl Palace, Ghumar Mandi, Ludhiana-141001, Punjab and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the respondent-corporate debtor is at Page-6A of the petition. 2. The facts of the case, briefly, as stated in the petition, are that the petitioner-operational creditor was in business with the corporate debtor and the corporate debtor placed an order on the operational creditor for the purchase of plastic crates. It is stated that the operational creditor had supplied plastic crates to the corporate debtor. The debt became due from the respective dates of the invoices. The corporate debtor is stated to have issued cheques....
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....erstanding dated 1-3-2016. Copies of these enclosures are attached at pages 19 to 71 of the petition. The corporate debtor, vide this demand notice, was called upon to repay the total unpaid operational debt (in default) of Rs. 33,86,063/-, plus admitted interest @ 18% per annum from the date of the respective invoices until the date of payment plus Rs. 4,23,794/- towards the applicable Central Sales Tax in lieu of 'C Form which was not provided by the corporate debtor, within 10 days from the receipt of the notice. The copy of demand notice is at page 76-81 of the petition. The demand notice was duly delivered on the respondendent-corporate debtor on 17-9-2018 and the Speed Post receipt in respect of the demand notice is attached at page-82 & 83 of the petition. 5. The corporate debtor has chosen not to reply to the above stated demand notice dated 11-9-2018. 6. It is deposed by the Operational Creditor that they have not received any reply to the demand notice dated 11-9-2019 till now from the corporate debtor. It is also deposed that there is no dispute of unpaid operational debt pending between the parties in any court of law and no notice has been given by the corporate ....
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....ct of the above demand notice from the side of corporate debtor. 12. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. Since there has been no representation from the side of corporate debtor, therefore, there lies no question of raising dispute by the corporate debtor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. 13. The provisions of Section 9(5)(i) of the Code are as follows:- "(5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order- (i) admit 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 professio....
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....of the respective invoices until the date of payment plus Rs. 4,23,794/- towards the applicable Central Sales Tax in lieu of 'C Form which was not provided by the corporate, within 10 days from the receipt of the notice. As a statutory requirement under section 9(3)(b) of the Code, an affidavit dated 07-2-2019 (page 88-90 of the petition) has been placed on record by the operational creditor stating that said demand notice dated 11-9-2018 has not been replied and there is no dispute of unpaid operational debt pending between the parties and no notice has been given by the corporate debtor relating to a dispute of the unpaid operational debt. We have held above that the demand notice in Form No. 3 was properly delivered by the Operational Creditor and no pre-existing dispute is proved. 16. It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under section 9 of the Code stand satisfied. The applicant-operational creditor states that from the above mentioned facts, it is clear that the liability of the respondent-corporate debtor is undisputed. Acc....
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....andu Towers, Miller Ganj, Ludhiana-141003, as the Interim Resolution Professional with the following directions: - (i) The term of appointment of Mr. Rajiv Bhambri shall be in accordance with the provisions of Section 16(5) of the Code; (ii) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; (iii) The Interim Resolution Professional....