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TMI Blog2019 (10) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... rt submitted by the applicant it appears that the notice has been served upon the respondent on 10.04.2019. Therefore, service is complete and the dispute raised by the respondent is not supported by any document. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code - thus the 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 and deserves to be admitted. Application admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... plication. 5. It is submitted by the advocate appearing on behalf of the applicant that, since the respondent company failed to clear the outstanding payment, the applicant was compelled to issue demand notice to the corporate debtor dated 18.02.2019, through authorised representative, whole time Company Secretary duly authorised by Board of Directors of the applicant company vide Board Resolution dated 18.02.2019, calling upon the respondent to make payment of ₹ 20,30,843.75 (Rupees twenty lakhs thirty thousand eight hundred forty-three and paise seventy-five only) which includes interest amount of ₹ 3,30,843.75 (Rupees three lakhs thirty thousand eight hundred forty-three and paise seventy-five only). 6. The applicant has su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat an amount of ₹ 8,93,599/- has been paid by RTGS, whereas, on the other hand the applicant says that cheque issued by the respondent has been dishonoured. Moreover, the respondent has not produced on record to substantiate its claim for having made such payment by RTGS. 8. On perusal of the material available on record it is found that, though the respondent has raised a dispute vide its letter dated 9th March, 2019, claiming that the respondent had made payment of ₹ 8,93,599/-, such claim is not supported by any document. 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 lakh (See Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in 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. 12. That, the Application filed by the Applicant is complete in all respects. 13. The applicant/operational creditor has not proposed the name of Interim Insolvency Professional. This adjudicating Authority hereby appoint Shri Manish Kumar Bhagat, 103-104 Panchdeep Complex, Mithakhali Six Road, Navrangpura, Ahmedabad ([email protected]) having Registration No. IBBI/IPA-001/IP-P00856/ 2017-2018/11438 to act as an interim resolution professional under Section 13(1)(c) of the Code. 14. Section 13 of the Code enjoins upon the Adjudicating Authority to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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