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TMI Blog2020 (2) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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 admitting the Application under section 9(5)(1) of the Code - petition admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... on the corporate debtor on 12th June, 2018 and copy of the demand notice is attached to the application (Annexure X). That, the corporate debtor has replied to the demand notice vide letter dated 5th July, 2018 which is beyond the stipulated period of 10 days from the date of receipt of demand notice. That, the application is well within the period of limitation as the last payment received was on 31.03.2016 and the demand notice was received on 12th June, 2018. That, even after service of demand notice no payment has been received from the corporate debtor, hence this petition. That, the total amount claimed to be in default is ₹ 4,57,71,578/- (Rupees four crores fifty-seven lakhs seventy-one thousand five hundred seventy-eight only) which include interest claimed on the debt up to 06.06.2018 @ 18% per annum. 7. In support of its claim, the petitioner has submitted copy of the following documents: - Sl. No. Particulars Page No. 1 Board resolution authorising Mr. Paresh Kapashi to act on behalf of the operational creditor 11 2 Particulars of claim 12 3 Statements showing details of invoices, date of billing, date of default & interest calculations on account of wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he invoice against which payment is due is 22.09.2015 and the last payment received against the outstanding is 31.03.2016. Since this fact has been never denied by the corporate debtor, the question of the petition being time barred due to the law of limitation does not arise. Moreover, in the reply itself the corporate debtor admitted to have paid ₹ 2,00,000/- on 31.03.2016 as reflected from para 10 of the reply. 12. Further, on perusal of the ledger attached to the reply filed by the respondent (Page Nos. 52 to 54) it is found that from 2013 onwards the respondent has been making lump sum payment against the invoices raised by the operational creditor from time to time. It is evident that payments were made not on the basis of, bill to bill basis, but on ad hoc basis, therefore, contention raised by the respondent that payment of ₹ 2.00 lakhs made on 31.03.2016 cannot be considered as acknowledgement of debt, is not justifiable. 13. On perusal of the record it is found that (para 3 of reply to demand notice) the respondent has admitted that on 6th August, 2015 factory premises of the respondent company were closed and taken over by the receiver appointed under an ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f IB Code. 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. 17. 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 Insolvency Resolution Professional. This Adjudicating Authority direct the Interim 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. 18. From the above stated discus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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