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TMI Blog2019 (7) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... ecomes due and is not paid, the Insolvency Resolution Process begins. Default is defined in Section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or instalment amount. Even otherwise, the important condition precedent is an occurrence of a default. On perusal of the documents on record, it is evident that the default has occurred as stated hereinabove i.e. the execution of settlement agreement by the corporate debtor and the part payment thereon confirming the operational debt is due and payable. The Application filed by the Applicant is complete in all respects - Adjudicating Authority is of the view that it is a fit case to initiate Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... identification No. L25200GJ1984PLC050560. That, authorised share capital of the corporate debtor is ₹ 21,00,00,000/- and paid up share capital is ₹ 14,96,93,920/-. 4. It is submitted by the applicant that the applicant had supplied polypropylene multifilament yarn to the corporate debtor vide various invoices during the period from April 2017 to April 2018 as per the requirement of the corporate debtor. That, the corporate debtor had made part payment towards the supply of goods, however, a sum of ₹ 14,09,253/- is still outstanding and payable by the corporate debtor. That, even though the corporate debtor had promised to pay the outstanding amount, it failed and neglected to make the payment. It is further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing ₹ 6.00 lakhs but failed to make payment of remaining amount of ₹ 9,09,253/-. 7. The applicant submitted copy of the following documents in support of his claim: - Sl. No. Particulars Page Nos. 01 Affidavit in support of the application along with affidavit u/s. 9(3)(b) of the IB Code. 9-13 02 Demand notice in Form No. 3 14-50 03 Company master data ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. That, the records available shows that the amount due to the Applicant from the Respondent is in respect of supply of goods. Therefore, the amount claimed by the Applicant from the Respondent is operational debt within the meaning of Section 5, sub-section (21) of the Code. The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, it is established that there exists debt as well as there is occurrence of default. 12. The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the Insolvency Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority directs the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and calls for submission of claims under Section 15 as required by Section 13(l)(b) of the Code. 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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