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TMI Blog2020 (1) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... may be triggered by the corporate debtor itself or a financial creditor or operational creditor. 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 (20) of Section 5 of the Code - From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. Further, as per the Bank Statement produced by the applicant, it reveals that the corporate debtor made som ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 1,00,000/- 4. The applicant/Petitioner has submitted that the applicant had supplied goods to the corporate debtor during the period from 17.09.2015 to 05.05.2016 as per the invoices and delivery challans placed at page Nos. 38 to 111 to the application. That, as on the date of filing of the instant application, the corporate debtor is liable to pay to the operational creditor a total sum of ₹ 10,55,258/- (Rupees ten lacs fifty-five thousand two hundred fifty-eight only) as per the computation placed at page No. 14 to the application and the said debt became due as and when the invoices were issued and continue to be due as last payment was made by the corporate debtor on 07.03.2017. 5. In support of its claim, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth the sides and also seen the documents annexed to the application. 8. On filing of the instant application, notice for the first time was issued but none appeared on behalf of the respondent. Despite giving number of opportunities, no reply has been filed by the respondent. On perusal of the record it is also found that when the matter was listed on 3rd October, 2019, seven days' time was further granted to the respondent to file reply. On 22.10.2019, when the matter was listed for final hearing, learned lawyer appearing on behalf of the respondent was reluctant to argue the matter, however, liberty was granted to file written submission within a week. 9. On perusal of the records it is found that the respondent has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or an instalment amount For the meaning of debt , we have to go to section 3(11), which in turn tells us that a debt means a liability of obligation in respect of a claim and for the meaning of claim , we have to go back to Section 3(6) which defines claim to mean a right to payment even if it is disputed. The Code gets triggered the moment default is of rupees one lakh or more (Section 4). The Corporate Insolvency Resolution Process may be triggered by the corporate debtor itself or a financial creditor or operational creditor.' 12. Thus, under the facts and circumstances and as discussed above, in the ligh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. 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 Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X
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