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TMI Blog2020 (1) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... fault - That, the Application filed by the Applicant on 02nd July, 2018 is complete in all respects. Thus, 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. - C.P. (IB) NO. 148/9/NCLT/AHM/2019 - - - Dated:- 30-9-2019 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukkarasu, Technical Member Amitabh, PCS for the Appellant. Harmish K. Shah, Adv. for the Respondent. ORDER Ms. Manorama Kumari, The instant application is filed on 5th February, 2019, by Mr. Kamal Kishore Bansal, authorised signatory of the applicant/operational creditor M/s. Devsaria I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd was supposed to be presented upon instruction from the corporate debtors. That, as on 24.11.2018, the total outstanding amount is ₹ 5,13,91,221.00 (Rupees five crores thirteen lacs ninety-one thousand two hundred twenty-one only) which consists of ₹ 2,90,38,856.00 as principle debt and ₹ 2,23,52,365.00 as interest at the rate of 21% per annum. 5. It is further submitted by the operational creditor that as a standard business practice and in terms of the purchase agreement, each invoice provided a credit period of 60 days failing which interest required to be paid by the recipient of goods i.e. the corporate debtor. Therefore, the debt under each invoice fell due after 60 days of the date of the respective invoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . That copy of the bank statement of the operational creditor with Union Bank is kept at page Nos. 391 to 445 to the application. 8. In support of its claim, the applicant has furnished copy of the following documents along with the petition: - Sl. No. Particulars Page Nos. 01 Application under section 9 of IB Code 1-15 02 True copy of COI and memorandum of association of operational creditor and master data of the corporate debtor 16-42 03 Board resolution, dated 20.01.2019, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stamp of seal for the authority by the company affixed in Form No. 5 as well as demand notice. That, the operational creditor has not followed the terms and conditions of the purchase order. That, as per the terms and conditions, the petitioner has not sent and delivered the material to the corporate debtor company and have raised invoices without actually delivering the materials. That, the petitioner has filed false affidavit by stating that the demand notice, dated 06.12.2018, was served upon the corporate debtor on 14.12.2018 and though the reply was received on 03.01.2019, it has not brought to the about existence of dispute. That, the ledger account is false and therefore also the application deserves to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly moonshine defence without support of any concrete evidence. 15. A combined reading of the application and the reply filed by the respondent it is evident that the respondent has failed to produce documents in support of rejection of goods and debit note raised against such rejection, if any. 16. 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 lac (See Section 4 of the Act)? (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid; and (iii) Whether there is existence of a dispute be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gat, 103-104 Panchdeep Complex, Mithakhali Six Road, Navrangpura, Ahmedabad 380 009 ([email protected]) having registration No. IBBI/IPA-001/IP-P00856/2017-2018/11438 to act as an interim resolution professional under Section 13(l)(c) of the Code. 21. 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. 22. 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 corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X
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