TaxTMI 
TaxTMI 
2022 (10) TMI 61
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....erred to as the 'corporate debtor/respondent'). The present petition has been filed in Form 5 as prescribed in Rule 6 (1) of the Rules. The petition is supported by affidavit of Mr. Kannaia Pillai Selvam, Proprietor of the operational creditor and the same is at page 159-161 of the petition. 2. The corporate debtor, namely, Binzy Fab Erect Private Limited, is a company incorporated on 21.05.2005 under the Companies Act, 1956, having CIN U29219HR2001PTC034682 and its registered office is at CG-36 Pushp Complex Delhi Road, Hissar. Therefore, the matter falls within the territorial jurisdiction of this Adjudicating Authority. Copy of master data of the corporate debtor is at Annexure-II(B) at 51 of the petition. 3. The brief facts, as stated in the petition, are that the operational creditor, supplied various types of electrodes to the corporate debtor on the purchase orders issued by the respondent/corporate debtor from time to time. It has been stated that the operational creditor supplied electrodes of different types which were used as consumables and it raised 14 invoices from 12.01.2017 to 20.05.2017 for an amount of Rs.7,74,398/- out of which it received an amount of Rs.18,38....
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....e sent at Thiruvananthapuram's Office of the corporate debtor was served, however, the demand notice sent at registered address of the respondent/corporate debtor was not served and was returned with the remarks 'insufficient address'. Copies of the tracking reports are at Pages 43-45 of the petition. 6. When the matter was listed before this Bench on 26.08.2022, the operational creditor was directed to file the unserved demand notice which was returned with an endorsement 'insufficient address'. In compliance thereof, the petitioner filed affidavit vide Diary No.4517 dated 02.09.2019 enclosing therewith the undelivered speed post article, which was sent to the registered address of the respondent/corporate debtor as available on the master data. Thus, vide order dated 04.10.2019, it was observed by this Bench that since the petitioner sent the demand notice to the address of the corporate debtor as available in the master data, the same is treated as a proper service on the respondent-corporate debtor. Vide the said order, notice of the petition was also issued to the respondent/corporate debtor to show cause as to why the petition be not admitted. 7. Vide Diary No.6786 dated 02....
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....erved and was returned with the remarks 'insufficient address'. Thus, vide order dated 04.10.2019 passed by this Bench, it was observed that since the petitioner sent the demand notice to the address of the corporate debtor as available in the master data, the same is treated as a proper service on the respondent-corporate debtor. 11. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The petitioner/operational creditor has filed an affidavit under Section 9(3)(b) of the Code, wherein it has been deposed that it has not received any reply to the demand notice dated 24.04.2019 and that it has not been served upon with any notice by the corporate debtor about any dispute in terms of Section 8(2) of the Code. 12. The other issue for consideration is whether this application was filed within limitation. A perusal of the case file shows that the application was filed vide Diary No.3619 dated 24.07.2019, whereas the date of default is 11.02.2017, therefore, this Adjudicating Authority finds that this application has been filed within limitation. 13. We have gone through the contents of the application filed in Form 5 and find the sam....
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....r disposing of by the corporate debtor any of its 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 Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002; and d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. 19. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order fo....
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....ted with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. This Adjudicating Authority further directs that the Interim Resolution Professional should also make all efforts simultaneously to retrieve the required information from the computerized data of the corporate debtor from the systems handed over to the Interim Resolution Professional after initiation of CIRP. For retrieving relevant information, the Interim Resolution Professional may take the help of any digital forensic companies from the empanelled list available with the Registry of this Adjudicating Authority, if required. This is imperative for meeting the Code's objectives for maximising the value of the assets of the corporate debtor and completing the resolutio....