TaxTMI 
TaxTMI 
2022 (6) TMI 780
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....g Authority) Rules, 2016. The Operational Creditors, M/s. Hind Tradex Limited are seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') against the Corporate Debtor viz., M/s. AGL Televentures Private Limited, declare moratorium and appoint Interim Resolution Professional (hereinafter referred as TRP'). 2. The Operational Creditor/Petitioner has averred as follows:- a. It is the case of the Operational Creditors that operational creditor is engaged in the business of trading of steel, electrical and electronic goods. The corporate debtor requested the operational creditor to supply computer servers to the corporate debtor. b. It is submitted that debt has occur....
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....er, on presentation of said cheques, the operational creditor received cheque return memos by the bank. d. The Operational Creditor has issued the demand notice u/s. 8 of IBC, 2016 on 06.05.2019. Hence, the present petition for initiation of CIR Process of Corporate Debtor as it has failed to pay the outstanding of the operational creditor. 3. The Corporate Debtor has also filed reply to the captioned petition and submitted that Corporate Debtor had given dissatisfactory feedback about the performance of the Products. It is stated that in March 2018, within the warranty period of the Products, Corporate Debtor received complaints from its customer regarding genuinity of the product stating that the Products supplied to it are fa....
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....he corporate debtor has raised the dispute vide letter dated 16.04.2018 and the demand notice was issued on 06.05.2019. It is further submitted that the documents and communications exchanged between Corporate Debtor and Operational Creditor were found stolen along with some cash and cheque books and some other documents by the office boy Rohit Kumar of Corporate Debtor, in respect of which an FIR No. SDMN000554 dated 4.5.2019 has been lodged by the Corporate Debtor and just after 2 days the demand notice was issued by the operational creditor clearly shows the malafide intention of operational creditor. It is also the argument of the corporate debtor that the demand notice was never served to corporate debtor. Hence, prayed that the petiti....
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....ns already raised in the reply. In short, it is stated that the operational creditor mis-represented and suppressed the material facts in their insolvency petition, there is pre-existing dispute and petition is barred by law of limitation. 6. We have perused the Pleadings and argument advanced by the Operational Creditor and Corporate Debtor. It is admitted fact that the Operational Creditor has provided the goods. Before going into the merits of the present case, it is pertinent to mention that the FIR relied upon by corporate debtor is against some boy working in the office of corporate debtor and no allegation is there in the FIR against the Operational Creditor. Hence, the said FIR does not have any evidentiary value in the present c....
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....ce, we believe that the said letter dated 16.04.2018 is mere counterblast and afterthought by corporate debtor in order to escape its liability. It is also important to mention that the Corporate Debtor has not instituted any proceeding against the Operational Creditor on the basis of the said letter dated 16.04.2018. Therefore, this Adjudicating Authority is of the opinion that such argument in not maintainable in the eyes of law as corporate debtor has failed to produce any satisfactory evidence to show the existence of pre-existing dispute. Hence, this tribunal is inclined to initiate the CIRP of Corporate Debtor as a result the Petition is admitted. 7. The Operational Creditor has proposed the name of the IRP. However, on perusal of ....
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....in section 14 of the IBC, 2016. It is ordered to prohibit all the following, namely: a. The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the Corporate Debtor's assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of....