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TMI Blog2020 (3) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... d to as "the Rules"] as operational creditor/applicant. 2. The petitioner/operational creditor is a proprietary concern running its business in the name and style of M/s. Serena Chemicals having registered office at Mulund (West), Mumbai Delhi is engaged in the manufacture and supply of chemicals. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 16th June, 2008 having Identification No. U24100GJ2008PTC054216 and having registered office at Padra, Dist. Vadodara, State of Gujarat. That, the Authorised share capital of the respondent company is Rs. 11,05,00,000/- and paid-up share capital is Rs. 10,55,35,000/-. The corporate debtor is popularly known as Shipra Agrichem Private Limited. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate debtor, the operational creditor issued legal notice through advocate dated 13.12.2016 to the corporate debtor demanding the outstanding amount along with interest and consequent damage suffered by the applicant. That, the amount claimed towards operational debt is Rs. 15,60,600/- (Rupees fifteen lakhs sixty thousand six hundred only) and the said amount has fallen due on 30th April, 2015, the date on which RTGS is made by the operational creditor. That, from the date of default i.e. 9th April, 2015 till 30th September, 2017 interested is calculated at the rate of 18% per annum which works out to Rs. 7,02,270/- and, therefore, the total amount of claim i.e. principle + interest comes to Rs. 22,62,870/- (Rupees twenty-two lakhs sixty- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice dated 13.12.2016; (viii) the dues claimed is time barred; (x) after issuance of closer notice by GPCB, the respondent company could not continue production activity and were compelled to close down their activities as a result of which the account of the respondent company was classified as NPA on or about 31.03.2013 by the bank; (x) since the debts of the petitioner company is not secured debts and even not entitled to resolution for the said debts since the bank have first and exclusive charge over the said property, the question of appointment of any IRP does not arise. Findings 8. Heard learned lawyer appearing for both the sides, also seen the documents annexed to the application and the reply filed by the corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- (i) Whether there is an "operational debt" as defined exceeding Rs. 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 between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice 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. 13. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment and the provisions thereof as enshr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bove 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. 16. 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; (ii ..... X X X X Extracts X X X X X X X X Extracts X X X X
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