TaxTMI 
TaxTMI 
2021 (10) TMI 183
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.... 2016 (IBC) for the alleged default on the part of the CD in settling the amount of Rs. 8,55,500 (Pg 12 of Petition)including CGST and SGST @ 9% towards Office Management Charges. The details of transactions leading to the filing of this application as averred by the OC are as follow: * CD approached OC for providing office management services and issued invoice dt 25.09.19 aggregating to Rs. 8,55,500 in favor of OC for the same (Pg 19). * OC issued the Demand Notice under Section 8 of IBC as per Rule 5(1)(a) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to the CD on 05.01.20 (Pg 20 of Petition). However, CD has not replied to the said demand notice. 2. Subsequently, the CD filed a....
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....or shall, within a period of ten days of the receipt of the demand notice or copy of the invoice mentioned in sub-section (1) bring to the notice of the operational creditor- (a) existence of a dispute, if any, or record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute; (b) the payment of unpaid operational debt- (i) by sending an attested copy of the record of electronic transfer of the unpaid amount from the hank account of the corporate debtor; or (ii) by sending an attested copy of record that the operational creditor has encashed a cheque issued by the corporate debtor. Explanation. - For the purposes of thi....
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....d with information utility confirming that there is no payment of an unpaid operational debt by the corporate debtor, if available; and (e) any other proof confirming that there is no payment of any unpaid operational debt by the corporate debtor or such other information, as may be prescribed. (4) An operational creditor initiating a corporate insolvency resolution process under this section, may propose a resolution professional to act as an interim resolution professional. (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 de....
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....om the date of admission of the application under sub-section (5) of this section. 5. While applying the aforementioned provisions over the facts of the present case, it is seen that CD in reply to the application (Pg 3 para 4) has admitted that OC had rendered office management service and has not raised any dispute to the outstanding dues to OC. Further, CD has admitted that it had suffered huge losses and hence was unable to make arrangements for the payment of the demand. The applicant has placed sufficient evidence in support of its claim. Going by the above details, the OC has clearly established the existence of debt and default on the part of the CD. The petition is within the limitation period. 6. In view of the above facts, ....
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....ion to foreclose, recover or enforce any security interest created by the CD in respect of its properly including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the CD. 10. The supply of the essential goods or services to CD as specified, are not to be terminated or suspended or interrupted during the moratorium period [Sec 14(2) of IBC]. 11. The IRP shall perform all his functions contemplated, inter-alia, under Sections 17, 18 and 21 of IBC and conduct proceedings with utmost dedication, honesty and strictly in accordance with the provisi....