TaxTMI 
TaxTMI 
2022 (5) TMI 918
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....t the Operational Creditor from which, it is evident that the Operational Creditor is a company registered in Singapore having Registration No. 200502960R. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN: U37100TZ2017PTC028360 which was incorporated on 11.01.2017 and the Registered Office of the Corporate Debtor as per the Application is stated to be situated at SF No. 191/3A, B, Kurichi (VGE) New Town, LIC Colony, SIDCO (PO) Coimbatore, Tamil Nadu - 641021. From Part III of the application, it is seen that the Operational Creditor has not proposed the name of the "Interim Resolution Professional" and left it to the discretion of this Tribunal to appoint the same. 3. From Part-IV of the Application, it is seen that a sum of Rs. 1,01,62,118.50/- (Rupees One Crore One Lakh Sixty Two Thousand One Hundred Eighteen only) including interest, is being claimed by the Operational Creditor as the Operational debt. The debt stated to have fallen due on the dates when the Corporate Debtor failed to make payments in terms of seller's contract dated 06.06.2019. Part - V of t....
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.... Operational Creditor on the Corporate Debtor is enclosed as Annexure II (2). 6. It is further averred in the application that the Corporate Debtor failed to clear the goods shipped by the Operational Creditor. On account of this, APL Limited, the shipping company, wrote several emails to the Corporate Debtor requesting them to clear the goods at the earliest. APL Limited also raised demands for detention and demurrage charges due to the delay in clearing the goods. However, the Corporate Debtor failed to clear the goods and pay the detention and demurrage charges. 7. Despite numerous requests from APL Limited, the Corporate Debtor failed to clear the goods for nearly a year and the detention and demurrage charges kept mounting. In order to avoid any further escalation of the detention and demurrage charges, the Operational Creditor entered into negotiations with APL Limited and paid an amount of USD 20,000 (Rs. 14,92,200/-) towards Detention and Demurrage charges to APL Limited on 30th June, 2020. The said amount is liable to be recovered in full from the Corporate Debtor in terms of the said contract. A copy of the Invoice dated June 25, 2020 evidencing the payment of Detention....
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....the Corporate Debtor in the counter. 14. Heard the submissions made by the Ld. Counsel for the parties. From the submissions made by both the parties, it is seen that the following issues are required to be decided by this Tribunal; i. Whether the applicant is an Operational Creditor and the debt is Operational Debt; ii. Whether there exists any dispute between the parties prior to the issuance of the Demand Notice; 15. As regards to issue No. (i), it is important to refer to Section 5(20) and 5(21) of the Code which defines an Operational Creditor and Operational Debt as follows:- "5. Definitions- (20) "Operational creditor" means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; (21) "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority;" 16. Further, the Hon'ble Supreme Court while interpreting the above definitions in the case of Swiss Ribbons Pvt. Ltd. & Anr. v....
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....l, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India applicable for the period between January 2022 - June 2022 appoints Ms. Chitra Perinkulam Ragavan, Reg. No. IBBI/IPA-002/IP-N00720/2019-2020/12558 (email id:[email protected]) as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report within 20 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 20. As a consequence of the Application being admitted in terms of Section 9(5) of the Code, the moratorium as envisaged under the provisions of Sectio....