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TMI Blog2020 (1) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"]. 2. The applicant/operational creditor is a limited company registered under the Companies Act having identification No. U21012KA1988PLC109213 and having registered office at HAL Airport Road, Bengaluru 560 008, Karnataka State is engaged in the manufacture of paper and paper products. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 13.08.1991 having identification No. U21019GJ1991PLC16114 having registered office at PHT 162, Phase II, GIDC, Vapi 396 195, Gujarat State. Authorised share capital of the respondent company is Rs. 5,00,00,000/- and paid up share capital is Rs. 3,48,51,000/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate debtor has made payment of Rs. 50,000/-, however, such payment pertains to prior invoices raised against prior purchase orders. 6. In support of its claim, the petitioner has submitted copy of the following documents: - Sl. No. Particulars Page No. 1 Purchase order dated 05.01.2018 20 2 Invoice dated 05.01.2018 21 3 Consignment note evidencing the delivery of products 22-23 4 Ledger of the operational creditor 24-51 5 Invoices raised prior to purchase order under reference 52-64 6 Demand notice dated 19.12.2018 along with copy of postal receipt and trackinq report 65-69 7 Computation of default 70 8 Account statement issued by HDFC Bank 71 9 Affidavit by operational creditor 72-74 10 Affidavit to the eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? 11. In view of the aforesaid discussions and before rejecting and/or admitting the application, we must refer to the legislation 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 Judgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal. This Adjudicating Authority direct the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and call for submission of claims under Section 15 as required by Section 13(l)(b) of the Code. 16. From the above stated discussion and on the basis of material 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 execu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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