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TMI Blog2019 (7) TMI 216X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhaskara Pantula Mohan, Member (Judicial) And Mr V. Nallasenapathy, Member (Technical) For The Petitioner : Advocate Nishita Nambiar i/b India Law LLP For The Respondent : Advocate Tanmay Kelkar i/b Advocate Sahil Mahajan ORDER Per : V . Nallasenapathy, Member ( Technical ) 1. This Company Petition is filed by Ashapura Perfoclay Limited (hereinafter called Petitioner ) against Gajanan Oil Private Limited (hereinafter called Corporate Debtor ) seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor alleging that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor in their books of accounts which shows a balance of ₹ 7,09,947/- as receivable from the Corporate Debtor. 5. The Corporate Debtor filed reply and raised raising the following contentions which were dealt with then and there. ( a) The Corporate Debtor submits that the authorized representative who signed the petition was not given any specific power to initiate the Insolvency Process Code. The Petitioner has enclosed the Board resolution passed by the board of the Petitioner company authorizing Mr. Upendra Dhoble to initiate legal proceedings against the Corporate Debtor for recovery of the dues under the Code. Hence, the objection of the Corporate Debtor that no specific p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 5(21) of the Code provides that operational debt means the claim in respect of the provision of goods and services including employment or a debt in respect of the dues arising under any law for the time in being in force and payable to the Central Government or any State Government or any local authority. Section 5(20) defines operational creditor as a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. The debt claimed here is for the supply of the goods by the petitioner to the Corporate Debtor. Hence the debt is an operational debt and the petitioner is an operational creditor and the hence the objection of the Corporate Debtor is unsustainable. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. ( b) That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. ( c) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. ( d) That the order of moratorium shall have effect from 06.05.2019 till the completion of the corporate insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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