TaxTMI 
TaxTMI 
2019 (11) TMI 1614
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....d the address of its registered office is A-133, Road No. 4, Street No. 5, Mahipalpur Extension, New Delhi. The petitioner-operational creditor has authorized Mr. Parveen Kumar to file petition on its behalf. The copy of the Resolution passed by the Board of Directors of the company is annexed as Annexure A-3. There is also an affidavit in support of the contents of the application which at Page 33. The application has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. M/s. Datawind Innovations Pvt. Ltd. (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. 1,00,00,000/- and paid up share capital of Rs. 81,00,000/-. The registered office of the respondent-corporate debtor is situated in Amritsar in the State of Punjab and therefore, the matter falls within the territorial jurisdiction of this Tribunal. 3. The facts of the case, briefly, as stated in the petition, are that the petitioner is a company registered as per the norms under Company Act running its business of International Freight Forwarding since the yea....
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....ed due to the reason "Payment Stopped by the Drawer". The copy of the bounced cheque and the bank memo dated 26.04.2017 are annexed as Annexure-P/8. 6. A demand notice in Form No. 3 is stated to be issued on 09.05.2018 (Annexure P-16 of the petition). The demand notice was accompanied by the duly issued invoice in the name of the corporate debtor along with working computation of principal amount and interest. The corporate debtor vide this demand notice was called upon to repay the unpaid operational debt (in default) of Rs. 86,07,122/- within 10 days from the receipt of the notice. 7. The corporate debtor in its reply to the demand notice dated 27.05.2018 has denied that any services were ever rendered to the corporate debtor. Also the operational creditor was supposed to provide professional logistics services i.e. air freight services for handling of valuable import shipments from Hong Kong to Chennai and Hong Kong to Delhi in a flexible, professional and cost-conscious manner but unfortunately it did not render the services to the best of the specific requirements of the corporate debtor. Also as per the records of corporate debtor there was a delay of 428 days in shipme....
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....tion is whether the operational debt was disputed by the corporate debtor. The respondent corporate debtor in its reply to the demand notice dated 27.05.2018 has disputed the liability towards the operational creditor and stated that there was a delay of 428 days in shipments and that the operational creditor has provided inferior and unprofessional services. 15. 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 a....
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.... an affidavit dated 10.08.2018 has been placed by the operational creditor stating that there is no dispute of unpaid operational debt pending between the parties in any court of law or authorities as on today. We have held above that the demand notice in form No. 3 was properly delivered by the Operational Creditor and no preexisting dispute is proved. 18. It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementioned fact it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than Rs. 1 lac by the respondent-corporate debtor. 19. 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. Datawind Innovations Pvt. Ltd. and direct moratorium and appointment of Interim Resolution Professional as below. 20. We de....
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....y act as an interim resolution professional; b) x x x x x" 24. Sub-section (4) of Section 16 says that the Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (3), recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. 25. In this regard a letter bearing File No. 25/02/2019-NCLT dated 28.06.2019 has been received from the National Company Law Tribunal, New Delhi forwarding therewith a copy of letter No. IBBI/IP/EMP/2018/02/ dated 24.06.2019 along with the guidelines and the panel of resolution professionals approved for NCLT, Chandigarh Bench for appointment as IRP or Liquidator. The panel is valid for six months from 01.07.2019 to 31.12.2019. We select Mr. Arvind Kumar appearing at Serial No. 104 of the panel to be appointed as Interim Resolution Professional. 26. The Law Research Associate of this Tribunal has checked the credentials of Mr. Arvind Kumar and there is nothing adverse against him. In view of the above, we appoint Mr. Arvind Kumar, Registration No. IBBI/IPA-001/IP-P00178/2017-2018/10357, R/o # 303, 3rd Floor, P....