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TMI Blog2020 (6) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... s situated within the State of Tamilnadu, amenable to its territorial jurisdiction, this Authority has no hesitation in admitting this Petition and initiating the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. The Petition as filed by the Operational Creditor is required to be admitted under Section 9(5) of the IBC, 2016 - Application admitted - moratorium declared. - IBA/1031/2019 - - - Dated:- 5-5-2020 - R. Varadharajan, Member (Judicial) Anil Kumar B, Member (Technical) For Operational Creditor : Chandramouli Prabhakar, Counsel For Corporate Debtor Rahul Balaji, Counsel ORDER R. Varadharajan, 1 . Under Adjudication is an Application that has been filed by M/S. Rockwell Industries Limited (hereinafter referred to as 'Operational Creditor') under Section 9 of the Insolvency Bankruptcy Code 2016 (in short, 'I B Code, 2016') r/w Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/S. Arrowline Organic Products Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 03.04.2017 for ₹ 9,36,000/-. ii. Cheque No. 314 dated 03.04.2017 for ₹ 4,68,000/-. iii. Cheque No. 315 dated 03.04.2017 for ₹ 4,68,000/-. iv. Cheque No. 316 dated 03.04.2017 for ₹ 5,18,000/-. v. Cheque No. 317 dated 06.04.2017 for ₹ 5,18,000/-. vi. Cheque No. 318 dated 06.04.2017 for ₹ 3,88,500/-. 6. It was submitted by the Learned Counsel for the Operational Creditor that the Corporate Debtor has placed further two Purchase orders with the Operational Creditor in the month of March 2017, the details of which are given below; i. AOPl/PO/344A - MAR - 2017 dated 17.03.2017 ii. AOPL/PO/344B - MAR - 2017 dated 17.03.2017 7. In pursuance of the same, the Corporate Debtor vide its letter dated 24.03.2017 has enclosed two post dated cheques, the details of which are as follows; i. Cheque No. 441 dated 08.05.2017 for ₹ 8,19,000/-. ii. Cheque No. 442 dated 08.05.2017 for ₹ 6,15,000/-. 8. The Learned Counsel for the Operational Creditor submitted that the Operational Creditor has supplied a total of 182 Nos. of Deep Freezers as per the aforesaid 7 Purchase Orders and the said Deep Freezers were immediately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made a payment of on 14.11.2018 vide NEFT and thereafter, vide letter dated 15.11.2018 and 20.11.2018 towards the balance debt due and payable, the Corporate Debtor has issued further 11 post dated cheques to the Operational Creditor. However, again some of the cheques have been returned unpaid by the Bank with the endorsement Payment Stopped by Drawer . Thus, out of the said 11 Cheques, 6 cheques were returned unpaid by the Corporate Debtor amounting to ₹ 21,00,000/-. 12. The Learned Counsel for the Operational Creditor submitted that the Corporate Debtor has never denied the sums due and payable by them and from the perusal of the Emails dated 11.07.2017, 26.07.2017, 05.08.2017, 01.09.2017 and 22.03.2018, the Corporate Debtor has only expressed their inability to make payments to the Operational Creditor. It was further submitted that the cheques enclosed by the Corporate Debtor in their letter dated 15.11.2018 and 20.11.2018 clearly show that the Corporate Debtor has admitted the debt due and payable by it. 13. The Learned Counsel for the Operational Creditor submitted that they have issued Demand Notice in Form 3 dated 26.12.2018 to the Corporate Debtor under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the matter based on the available records before this Tribunal. Post this matter for enquiry on 04.02.2020. 16. It may be seen that the Corporate Debtor has sought for time and more time on the pretext that negotiation between the parties for settlement are going on, which dissuade the Corporate Debtor from filing any reply and the same goes on to show that the Corporate Debtor has impliedly admitted their liability of payment due to the Operational Creditor. Thus, the Operational Creditor has proved that there is an existence of 'Operational Debt' and the default of such operational debt which is payable by the Corporate Debtor to the Operational Creditor 17. From the list of invoices filed and the Purchase Order annexed, it is evident that the claim as raised by the Operational Creditor is within the prescribed period of limitation of 3 years and in relation to the Corporate Debtor the registered office of which is situated within the State of Tamilnadu, amenable to its territorial jurisdiction, this Authority has no hesitation in admitting this Petition and initiating the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. 18. Thus t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of such Corporate Debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 20. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 21. The Operational Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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