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TMI Blog2017 (6) TMI 1308X X X X Extracts X X X X X X X X Extracts X X X X ..... a notice issued by the 'Operational Creditor' on 16.08.2016 demanding unpaid debt. Accordingly we are of the considered opinion that at the end of the 'Operation Debtor' default has occurred and the defence raised to defeat the payment of unpaid debt is moonshine and cannot be accepted. Application admitted. - C.P. NO. 1236 OF 2016 - - - Dated:- 1-6-2017 - Chief Justice M.M. Kumar, President And R. Varadharajan, Judicial Member Dushyant K. Mahant for the Petitioner. Ankur Mittal for the Petitioner. ORDER 1. This petition was originally filed before Hon'ble Delhi High Court under sections 433 (e), 434 and 439(b) of the Companies Act, 1956 for winding up. On the const ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts of the case necessary for disposal of the petition are that 'Operational Creditor' is engaged in the business of, inter alia, production, manufacture, marketing, distribution and sale of various types of steel and iron goods, raw materials and allied items. The 'Operational Debtor' has been purchasing from the 'Operational Creditor' various types of steel and iron goods/ raw materials as per its needs, requirements and specifications in accordance with the terms and conditions agreed between the parties. It has purchased MS Channels as the 'Operational debtor' is engaged in manufacturing and supply of construction framework and scaffolding. The accounts of the 'Operational Creditor' shows a debi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been returned and should not have been fabricated and galvanised by the 'Operational Debtor'. It is asserted by 'Operational Creditor' that the fabrication and galvanisation of the Channels at the hands of the 'Operational Debtor' only proved that Channels supplied were of best quality. It is thus alleged that in the garb of letter dated 23.08.2016 the 'Operational Debtor' had raised a false excuse to withhold the outstanding unpaid debt. A reference has also been invited to email dated 20.04.2016 intimating the 'Operational Creditor' that the 'Operational Debtor' had received 100 metric Tonnes of material out of 246 metric tonnes and had further requested for supply of remaining material (An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However the endorsement dated 18.4.2017 of the postal authority shows that the addressee Refused . 9. We have examined the paper book and are of the view that the 'Operational Creditor' has satisfied the requirement of section 4 inasmuch as the amount is more than ₹ 1 lac. It also meets the requirement of section 5(21) as the goods have been supplied and the default / occurred with regard to the amount of unpaid debt. The claim is also within the period of limitation as per the provisions of Limitation Act, 1963. The demand notice of unpaid operational debt has been duly raised and invoice demanding payment thereof has been sent as per the requirements of section 8 of the Code. The 'Operational Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised to defeat the payment of unpaid debt is moonshine and cannot be accepted. Therefore we reject the same. 11. As a sequel to the above discussion, the application is admitted. We declare a moratorium in terms of Section 13 of the Code for the interim resolution professional to strictly follow various provisions and comply with each one of those. Section 14 of the Code shall also come in operation. The interim Resolution Professional shall take all steps in terms of section 13 (2), sections 14 15 of the Code. 12. As no insolvency resolution professional has been named by the applicant we request the Insolvency and Bankruptcy Board of India to appoint one. Let a reference be made to the Insolvency and Bankruptcy Boar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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