TaxTMI 
TaxTMI 
2019 (11) TMI 1485
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....ner-operational creditor has authorized Mr. Aayush Goenka, Director of the petitioner company to file petition on its behalf. The copy of the Board Resolution passed by the Board of Directors of the company is annexed at Page Nos. 95-96 and the Power of Attorney is at Page No. 97 of the petition. There is also an affidavit in support of the contents of the application. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. BR Knitwears Private Limited (for short hereinafter referred to as the 'respondent' and/or 'corporate debtor') is a company incorporated under the provisions of Companies Act, 2013 with authorized share capital of Rs. 2,00,00,000/- and paid up share capital of Rs. 1,96,52,000/-. The CIN of the respondent-corporate debtor is U18109HR2011PTC041892 and its registered office is situated in Gurgaon in the State of Haryana 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 No. 63 of the petition. 3. The facts of the case, briefly, as stated in the petition, are that the corporate debtor had placed an order for supply o....
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....demand notice in Form No. 3 dated 30.03.2019 was properly served. The demand notice dated 30.03.2019 was sent at the address as per the master data at Page No. 63 of the petition in which the registered office is shown as Plot No. 672, Pace City-II, Sector 37, Gurgaon, Haryana-122001. The demand notice was duly acknowledged by Mr. R.C. Kajaria (Page No. 20 of the petition). Therefore, the statutory demand notice was duly delivered upon the corporate debtor. 11. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It is deposed by the operational creditor that no reply or notice of dispute has been received from the corporate debtor to the demand notice dated 30.03.2019 issued by the operational creditor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. 12. 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 subsection (2), by an order- (i) admit the application and communicate such decision to the operational creditor and the corporate debtor if,- (a) the appli....
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....I/A (colly) of the petition. Moreover, demand notice in Form No. 3 was also sent on 30.03.2019 stating that the amount due from the corporate debtor to the operational creditor is Rs. 4,88,607/-. The corporate debtor has chosen not to reply to the statutory notice dated 30.03.2019. The respondent also in its written statement/reply has admitted its liability towards the operational creditor and cited financial distress for its inability to release the debt of the operational creditor. As a statutory requirement under Section 9(3)(c) of the Code, an affidavit dated 29.04.2019 has been placed by the operational creditor stating that no reply or notice of dispute has been received from the corporate debtor to the demand notice dated 30.03.2019 issued by the operational creditor. There are also statement of bank accounts of the operational creditor maintained with IDBI Bank and Vijaya Bank (Annexure-III of the petition), wherein it can be seen that the banker has not received any payment from the corporate debtor during the period of 01.03.2019 to 31.03.2019. We have held above that the demand notice in form No. 3 was properly delivered by the Operational Creditor and no pre-existing d....
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....f guarantee to a corporate debtor. 19. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the 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. 20. Under sub-section (4) of Section 9 of the Code, the operational creditor may propose the name of Resolution Professional to be appointed as Interim Resolution Professional but it is not obliged to do so. In the instant case also, the operational creditor has not proposed the name of any Resolution Professional to be appointed as Interim Resolution Professional. Section 16(3)(a) of the Code says that where the application for Corporate Insolvency Resolution Process is made by an operational creditor and - "a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional; b) x x x x x" 21. Sub-section (4) of Section 16 says that the Board shall, within ten days of the r....