9911796707
TMI Blog2020 (2) TMI 1122X X X X Extracts X X X X X X X X Extracts X X X X ..... ereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is a registered partnership firm under the provisions of the Indian Partnership Act, having registered office at Aji GIDC, Rajkot engaged in supply of di-casted pipe scrap, scrap iron, pig iron SIL, pipe scrap annealed (broken), pig iron pencil and chips. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 01.04.2005 having identification No. U29260GJ2005PTC045808 and having registered office at Rakhial, Ahmedabad 380 023, Gujarat State. Authorised share capital of the respondent company is Rs. 75,00,000/- and paid up share capital is Rs. 71,99,500/-. The corporate debtor company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k statement and table showing computation of default by corporate debtor. 6. The applicant has also filed additional affidavit in support of the instant application. 7. The respondent/corporate debtor has filed affidavit in reply enclosing therewith copy of accounts of the respondent company with applicant and financial results of the respondent company for the year 2017-18 showing that it is a going concern and the business relations with the applicant were smooth. 8. In the reply, the respondent has submitted that the averments and statements made by the applicant are empathically denied. That, the respondent company is having business relations with the applicant company for more than three generations. 9. It is further submitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ords it is found that despite raising allegations against the applicant regarding inferior quality of the goods supplied to the respondent, no document has been produced by the respondent to substantiate its claim that the goods supplied by the applicant during the period from 15.10.2015 to 06.04.2016 against which the claim has been made by the applicant are/were of inferior quality. Records show that the respondent had made last payment on 30.06.2016 i.e. after the last invoice dated 06.04.2016 was raised by the applicant and the said fact is also admitted by the corporate debtor. Moreover, no document like debit note or any complaint in writing regarding inferior quality of the material eve raised and/or produced on record to support the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of the unpaid operational debt in relation to such dispute? If any of the aforesaid conditions is lacking, the application would have to be rejected. 14. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgement 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 and it fulfilled the requirement of IB Code as enshrined in the Code. Moreover, the corporate debtor admitted in his reply that he has already made part payment towards the total dues so claimed by the applicant. That, service is complete and no dispute has been raised by the respondent at any poi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 9(5)(1) of the Code. 18. 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 execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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