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TMI Blog2020 (4) TMI 678X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 evident that the corporate debtor has committed default in payment of operational debt and, therefore, 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. NO. (IB) 424/9/NCLT/AHM/2018 - - - Dated:- 10-2-2020 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukkarasu, Technical Member Vibhor Chaplot, Adv. for the Petitioner. Vijay B. Limbachiya, Adv. for the Respondent. ORDER Ms. Manorama Kumari, Mr. Hardik Hasmukhbhai Thakore, Assistant Manager (Accounts Administration), authorised signatory of operational creditor M/s. Nuvoco Vistas Corporation Limited filed this Petition under section 9 of the Insolvency Bankruptcy Code, 2016 [hereinafter referred to as the Code ] read with rule 6 of the Insolvency Bankruptcy (Application to Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd over and above drawn the profit/benefit of using the material supplied by the applicant and failed to pay the outstanding dues of the applicant. 6. The applicant has further stated that since the respondent had a running account with the applicant whereby they were allowed to pay on a lump sum basis instead of paying on tax invoices raised by the applicant from time-to-time, the respondent issued two cheques dated 20-5-2017 and 30-5-2017 totally amounting to ₹ 4,09,804/-. That, on presentation, both the cheques were dishonoured with remarks payment stopped by drawer . That, in lieu of such dishonour of cheque, the applicant issued a legal notice dated 20-6-2017 to the respondent under section 138 read with section 141 of the Negotiable Instruments Act, 1881 calling upon the respondent to pay the entire due amount within 15 days from the receipt of the notice. That, the applicant has failed to pay total amount of ₹ 12,57,916/-along with interest of ₹ 6,13,863/- (24% per annum calculated till 21-5-2018) totalling to ₹ 18,71,779/- (Rupees eighteen lakhs seventy-one thousand seven hundred seventy-nine only). 7. It is further stated by the applicant tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny in pursuance of a resolution of the Board of Directors of the company dated 8th August, 2017 whereby Mr. Arun Shukla has been delegated authority to represent the company in the proceedings before any Forum, Tribunal, Labour Court, Civil Court etc., whereas, the demand notice dated 27th March , 2018 is issued by Mr. Kamlesh Asher, AGM (Legal) on the basis of authority given to him by Mr. Frederic Guimbal, Product Line General Manager, RMX - Nuvoco Vistas Corporation Limited pursuant to Board Resolution passed on 31st January, 2017. 13. As regards the contention raised by the respondent that the material supplied by the petitioner were of inferior quality, it is found that the respondent has failed to produce any record in support of such issue. The copy of E-mail communication annexed to the affidavit in reply at Page No. 9-12 are the communication between the respondent and Indian Oil Corporation. The respondent has not placed on record copy of any communication between the respondent and the petitioner regarding quality of the material supplied by the petitioner to Indian Oil Corporation and therefore contention raised by the respondent regarding pre-existing dispute does n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 20. 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(1)(b) of the Code. 21. From the above stated discussion and on the basis of material available on record it is evident that the corporate debtor has committed default in payment of operational debt and, therefore, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under section 9(5)(1) of the Code. 22. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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