TaxTMI 
TaxTMI 
2020 (10) TMI 480
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....erational-creditor is a company incorporated under provisions of companies Act, 1956 having CIR U28113MP2000PTC014412 and its registered office at 200-A&B, Sector F Sanwer Road Indust. Es. Diss. Indore (M.P.) - 452010. 3. Operational-creditor engaged in the business of manufacturing of structural metal products, tanks reservoirs and steam generators. 4. Corporate-debtor place various purchased orders on the operational-creditor to supply of pulleys etc. from time to time. 5. Operational-creditor supplied the goods ordered by the corporate-debtor, which were duly received, acknowledged by the corporate debtor company. 6. Demand notice with invoices in Form-3 was sent through Speed Post dated 24.12.2018, but no payment was made no....
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....aised on behalf of the petitioner, we have gone through the averments made in the application as well as documents enclosed with the application and we find that demand notice was duly delivered upon the respondent on 04.01.2019 at page No. 29, but no reply was sent by the respondent and in this regard, the applicant has filed an affidavit under Section 9 (3) (b) of the Code and in para 2 of the affidavit, he mentioned this fact that there is no dispute whatsoever raised within the prescribed period of ten days from the date of receipt of the said notice. 11. We further find that the applicant has also proposed the name of the IRP Mr. Rajiv Saxena. 12. At this juncture, we would like to refer Section 8 and 9 of the Insolvency and Bank....
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....y of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-section (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under sub-section (2) of section 8, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process. (2) The application under sub-section (1) shall be filed in such form and manner and accompanied with such fee as may be prescribed. (3) The operational creditor shall, along with the application furnish- (a) A copy of the invoice demanding payment or demand notice delivered by the operational creditor to th....
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.... 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 1[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 ....
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....tances, we have no option, but to pass the order under Section 9(5) (i) if the application is complete and from the perusal of the application, we find that the application is complete and there is no payment of unpaid operational-debt and no notice of dispute has been raised by the operational-creditor or there is no record of dispute in the information utility and the operational-creditor has also proposed the name of the IRP against whom there is no disciplinary proceedings pending and the defaulted amount is more than one lac. So, considering these facts, we have no option to admit the application. Accordingly, we hereby admit the application and initiate the CIRP against the corporate-debtor. 15. A moratorium in terms of Section 14 ....