TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 11
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....uently the said agreement was renewed for the period of 3 years and the operational creditor used to provide advisory to the corporate debtor. 3. Further, it is contended that the petitioner rendered the services as per the terms of contract, and when the various invoices, which were raised for the payment of the services provided by the petitioner, the same was not paid in full and only part payment of about Rs. 8 Lakhs was made in total by the respondent in the month of November 2017 and April 2018, without even intimating against which invoices the said amount was paid to the petitioner and when the remaining amount was not paid by the respondent inspite of repeated demand, notice under Section 8 of IBC was given to the respondent by the petitioner on 26.02.2019, a copy of which is appended in the paper book as Annexure-H of the application. 4. Further for the outstanding amount, several request were made to the corporate debtor to pay off the debts but no reply was received, thereafter the operational creditor issued demand notice Under Section 8 of the IBC, 2016 dated 26.02.2019 demanding a total sum of Rs. 33,42,483.83/- which was duly received by the respondent (The Copy o....
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....d. on which the petitioner has relied has been stayed by the Hon'ble Apex Court, the copy of which has been produced before the court. 9. I have gone through the documents filed by the parties and heard the arguments by both the counsels/This Adjudicating Authority is observing that: a) The operational creditor has provided all the necessary documents required for proving that the debt has been defaulted. While going through the agreement, copy of invoices and the bank account statement of the operational creditor, it was observed that it is admitted fact that there is work relation between the Operational Creditor and the Corporate Debtor whereby operational creditor provided service to the corporate debtor and only part payment was made for the same. The Corporate Debtor has not disputed or denied the fact that there was a work relation between the parties. b) Further relying on the judgment of Hon'ble NCLAT in the matter of "Manjeeet Kaur Sran vs. Tricolite Electrical Industries Ltd." Company Appeal (AT)(Insolvency) No. 894 of 2019 in which it was observed : "11. In view of the decision of Hon'ble Supreme Court in "Innoventive Industries Ltd. Vs. ICICI Bank (2....
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.... interim resolution professional in part HI, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of rece....
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.... of amount due to be paid by the corporate debtor and merely disputing the amount does no fall within the ambit of a pre-existing dispute under Sec. 9 of the Code. And the amount claimed in default is Rs. 33,42,483.83/- which is more than Rs. One Lakh to trigger the Corporate Insolvency Resolution Process against the Corporate Debtor. c) It is matter of record that applicant filed a copy of invoices dated 13.09.2013 to 02.08.2016 and the copy of Renewal Agreement made on 15.09.2016 along with the present petition and the present petition is filed under section 9 of IB code 23.05.2019. A perusal of the same goes to show that invoices of this period are found well within the limitation (As per section 238A of IB Code) to triggered the CIRP in respect of corporate debtor. 10. Therefore, the Petitioner succeeded in proving its debt and the Corporate Debtor failed to discharge its payment liability towards supply of services to corporate debtor as per its invoices. The Corporate Debtor has not paid the outstanding debt owed to operational creditor despite demand notice delivered upon him under Sec 8 of the Code. Therefore, the amount and default on the side of the Operational Credito....
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....en by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period.] 2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.] (3) The provisions of sub-section (1) shall not apply t....