Mohd Sharief Tariq, Member - (1.) Under adjudication is CP/667/(IB) /CB/2017 that has been filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016' (in' short, 'I&B Code, 2016') r/w the Insolvency & Bankruptcy (Application to Adjudicating Authority Rules, 2016) . The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the I&B Code.
(2.) Heard the Counsel for the Operational Creditor and perused the record. As seen from the Order dated 12.12.2017, a direction was given to the Operational Creditor for serving notice on the Corporate Debtor, because the notice that was sent earlier has been returned with an endorsement "left without instructions". Pursuant to the Order dated 12.12.2017, the Operational Creditor has published the notice for service on Corporate Debtor one in English "Indian Express" Tamilnadu Edition on 22.12.2017 and another in language in "Dinamani" on the same date. The proof of which is placed on record along with an Affidavit. The service against Corporate Debtor is held sufficient. Therefore, the Corporate Debtor is proceeded ex parte.
(3.) It has been submitted that the Operational Creditor had provided security services to the Corporate Debtor and maintained a running account in respect of the said transaction. The services rendered by the Operational Creditor were acknowledged by the Corporate Debtor for the purpose of making payment of the same by an agreement dated 01.09.2016 and a letter dated 05.09.2016, which are placed at pages 1 and 10 of the typed set of the documents filed with the Application, the same are evidencing the admission of the liability on the part of the Corporate Debtor.;