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TMI Blog2019 (9) TMI 589X X X X Extracts X X X X X X X X Extracts X X X X ..... cant. That, service is complete and no dispute has been raised by the respondent. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. The Application filed by the Applicant is complete in all respects. It is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code - Application admitted - moratorium declared. - C.P. No. (IB) 398/9/NCLT/AHM/2019 - - - Dated:- 15-7-2019 - MS. MANORAMA KUMARI, MEMBER (J) For The Petitioner : Advocate Mr Amar N. Bhatt, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed of assignment dated 14.03.2016 entered into between the operational creditor and corporate debtor an amount ₹ 3,09,55,708.00 (Rupees three crores nine lacs fifty-five thousand seven hundred eight only) has fallen due on 07.03.2019 and for recovery of said amount the operational creditor had issued notice dated 07.03.2019 followed by demand notice dated 22.03.2019 upon the corporate debtor. 5. It is further contended by the operational creditor that vide reply dated 22.03.2019, the corporate debtor has acknowledged the debt. 6. The applicant has submitted copies of the following documents in support of the claim:- Sr. No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the demand notice issued by the operational creditor and has admitted the debt. Moreover, during the course of hearing the learned lawyer appearing on behalf of the respondent also admitted the claim due to the petitioner. 8. On perusal of the material available on record it is also found that, the respondent has not raised any dispute against the claim and has admitted claim of the operational creditor by way of affidavit. 9. While examining an application under Section 9 of the Act, will have to determine the following: - (i) Whether there is an operational debt as defined exceeding ₹ 1.00 lac (See Section 4 of the Act) (ii) Whether the documentary evidence furnish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The applicant/operational creditor has proposed the name of Mr. Narayan Gajanan Vidvans to act as Interim Resolution Professional. This Adjudicating Authority hereby appoint Mr. Narayan Gajanan Vidvans604-B, Shiv Kartik Enclave, Opp. Shrungar Residency, VIP Road, Vesu, Surat 395 005, Gujarat State ([email protected]) having registration No. IBBI/IPA-002/IP-N00378/2017-18/11121 to act as an interim resolution professional under Section 13(l)(c) of the Code. 14. Section 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 18. The order of moratorium shall have effect from the date of receipt of authenticated copy of this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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