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TMI Blog2020 (2) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... ered view that operational debt is due to the Applicant and it fulfilled the requirement of IB Code as enshrined in the Code. That, the respondent also filed affidavit admitting the dues and no dispute has been raised by the respondent at any point of time. That, Applicant is an Operational Creditor within the meaning of Section 5 sub-section (20) of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. It is a fit case to initiate Insolvency Resolution Process by admit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the period from 06.04.2018 to 27.05.2019 under 32 invoices of different dates (Annexure C-Colly - Page Nos. 24 to 54 of the application). That, against the aforesaid invoices, except TDS of ₹ 6300/-, no payment has been made by the corporate debtor and, therefore, an amount of ₹ 18,92,316/- (Rupees eighteen lakhs ninety-two thousand three hundred sixteen only) is outstanding and due to be paid to the operational creditor. That, in view of the admission made by the corporate debtor and in absence of any dispute regarding quality/quantity of the goods supplied, non-payment of the outstanding amount, it is clear that the corporate debtor is unable to discharge its debts consequently has become commercially insolvent. That, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement the respondent company is facing liquidity crunch and, therefore, unable to pay its creditors on time. Findings 7. Heard learned lawyer appearing for both the sides, also seen the documents annexed to the application. On perusal of the records it is found that the corporate debtor has admitted the debt by way of affidavit. 8. On perusal of the records it is found that having failed to get the outstanding payments from the respondent, the applicant was compelled to issue demand notice under section 8 of I B Code on dated 23.07.2019. Record also shows that the respondent has not raised any reply/dispute against the demand notice so issued by the applicant. 9. On perusal of the record it is found that the petition is co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ord, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. 12. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement 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 Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 16. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 17. The applicant/operational creditor has submitted Form 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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