TaxTMI 
TaxTMI 
2020 (1) TMI 1257
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....4PTC035338. As per master data at page 24 of the petition, the registered office of the Corporate Debtor is at 58 KM Milestone, Delhi Jaipur Highway Binola Industrial Zone, Gurgaon, Haryana - 122 413. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. It is stated that the operational creditor has been transacting with the corporate debtor since February, 2010 and supplying raw material to the corporate debtor. it is also stated that a running account was maintained by the operational creditor wherein payment received from the corporate debtor were adjusted towards the outstanding on First in First Out (FIFO) basis. It is submitted that an amount of Rs. 4,85,239.34 with additional interest @ 12% per annum remained outstanding towards the corporate debtor. It is also stated that the business relations between the petitioner and respondent remained cordial until 2017, when the corporate debtor first started to delay on the payments. 4. It is further submitted that the operational creditor continued supplying materials on the verbal assurances of the representatives of the corporate debtor, but the corporate debtor failed to pay the outstanding till present. Co....
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....n its reply (Diary No. 4072 dated 14.08.2019) has submitted that the respondent company has been transacting with the operational creditor since February 2010 and had developed cordial relations in regular business transactions amounting to Rs. 79 lacs over the years. It is also submitted that due to the dynamic economic environment, the corporate debtor faced sudden business losses which led to certain financial constraints and difficulty in making regular payments. It is stated that there is no ill-will or malafide intention on behalf of the corporate debtor to withhold any legitimate dues of the operational creditor. 11. Rejoinder was filed vide Diary No. 4289 dated 23.08.2019 wherein the operational creditor has denied each and every objection raised by corporate debtor and reiterated the contents of the petition. 12. On the last date of hearing, learned counsel for the corporate debtor submitted that he was instructed by his client to state that since the respondent-corporate debtor is not in a position to pay-back the debts, the instant CP may be admitted. 13. We have heard and carefully considered the submissions of the learned counsel for the operational creditor a....
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....efault in discharging the debt towards the operational creditor and the same is not disputed. Further, learned counsel for the respondent-corporate has also submitted that respondent-corporate debtor is not in a position to payback the debts, the instant CP may be admitted. 17. In view of the above discussion, this petition deserves to be admitted. 18. 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 professional proposed under subsecti....
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.... resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 24. The Law Research Associate of this Tribunal has checked the credentials of Mr. Sanjay Kumar Dewani and there is nothing adverse against him. In view of the above, we appoint Mr. Sanjay Kumar Dewani, D-55, Defence Colony, New Delhi-110 024, Registration No. IBBI/IPA-001/IP-P00423/2017-18/10746, Mobile No. 98105-71800, e-mail id: [email protected] the Interim Resolution Professional, with the following directions:- i) The term of appointment of Mr. Sanjay Kumar Dewani 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 enjoine....