TaxTMI 
TaxTMI 
2019 (9) TMI 1460
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....e jurisdiction lies with this Bench of the Tribunal. 2. The Corporate Debtor was incorporated on 31.12.2017 under the provisions of Companies Act, 2013. The CIN of the Corporate Debtor is U25199HP2007PTC030819. It is stated that the Corporate Debtor is engaged in the business of manufacturing of rubber products and the Operational Creditor entered into an agreement with the corporate Debtor for the sale of raw materials in the nature of chemicals, adhesives dye colours, which were utilized in production of Corporate Debtor's products. Copy of the agreement is placed as Annexure A-2 of the petition. 3. It is stated that the Operational Creditor has sold raw material to the Corporate Debtor and issued various invoices from 10.05.2016 to 30.10.2018. In Part IV of Form 5 the total amount of debt is stated to be Rs. 55,28,133/-. It is also stated that an amount of Rs. 90,000/- has been paid by the Corporate Debtor after issuance of demand notice dated 31.10.2018. 4. A demand notice in Form No.4 is stated to be issued on 31.10.2018 (Annexure A-5) of the petition). The demand notice was accompanied by duly issued invoices in the name of Corporate Debtor along with copies of l....
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.... Corporate Debtor so far. 9. When the matter was listed on 19.09.2019, learned counsel for the respondent-Corporate Debtor submitted that the Corporate Debtor defaulted in making payment of the debt due to the Operation Creditor and an appropriate order may be passed accordingly. 10. We have carefully considered the submissions of the learned counsel for the Operational Creditor and Corporate Debtor and have also perused the records. 11. We find that in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, (2018) 1 SCC 353, the Hon'ble Supreme Court has held as under: "It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority ....
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....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 sub-section (4), if any." 17. No objections are being raised to the completeness of the application filed under Section 9 (2) of the Code. As discussed above, the operational debt remains unpaid and the demand notice under Section 8 of the Code was duly delivered to the Corporate Debtor on 31.10.2018. The reply to the demand notice has been examined above and found to be not acceptable. As discussed above, the proposed Resolution Professional Shri Vigyan Prakash Arora, has filed Form No.2 in which he has stated that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 18. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP process in the case of the Corporate Debtor M/s. Addinath Rubbers Private Limite....
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....irectors 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 shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct' governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv) The Interim Resolution Professional shall cause a public a....