9911796707
TMI Blog2020 (1) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default - That, 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 - petition admitted - moratorium declared. - CP (IB) NO. 542/9/NCLT/AHM/2019 - - - Dated:- 1-10-2019 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukkarasu, Technical Member Bhash Mankad, Adv. for the Petitioner. ORDER Ms. Manorama Kumari, Mr. Pravin Nawalgaria, General Manager (Accounts Finance), on behalf of the operational creditor M/s. Ivax Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the above arrangement, the corporate debtor placed purchase order dated 05.01.2018 and the operational creditor duly delivered the product to the corporate debtor and invoice dated 5th June, 2018 for ₹ 4,79,174/- (Rupees four lacs seventy-nine thousand one hundred seventy-four only). That, the corporate debtor accepted the product without raising any dispute with regard to the quantity and/or quality. That, the corporate debtor failed to make the payment even after expiry of 30 days' credit period, the operational creditor was constrained to issue demand notice dated 19th December, 2018 under section 8 of the IB Code. 5. It is submitted by the petitioner that as on 26th September, 2019, the total outstanding debt to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FC Bank 71 9 Affidavit by operational creditor 72-74 10 Affidavit to the effect that no dispute has been raised by the corporate debtor relating to the unpaid operational debt 75-78 11 Board resolution authorising Mr. Pravin Nawalgaria to file the instant petition 19 Findings 7. Heard learned lawyer appearing on behalf of the applicant and also seen the documents annexed to the application. 8. On filing of the instant application, notice for the first time was issued bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gislation guide on Insolvency Law of United Nations Commission on International Trade Law. One of the things the Legislative Guide spoke about was whether the debt is subject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. 12. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment and the provisions thereof as enshrined in Insolvency Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 17. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - (i) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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