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TMI Blog2020 (7) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor for which the Corporate Debtor has failed to make payments, is an Operational Creditor as per the provisions of the I B Code, 2016. The Corporate Debtor has not raised any dispute in respect of the goods and the amount to be paid to the Applicant until its reply to Application. The application made by the Operational Creditor is complete in all respects as required under section 9 Sub-Section 5, Sub clause (i) of I B Code, 2016. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition - Petition admitted - moratorium declared. - IBA/50/KOB/2019 AND IA NO. 14/KOB/2020 - - - Dated:- 4-3-2020 - Ashok Kumar Borah, Judicial Member And Veera Brahma Rao Arekapudi, Technical Member For the Applicant : George G. Poothicote, Adv. For the Respondent : Govindu P. Renukadevi, Adv. ORDER 1. This application has been filed by Ceram Tec Innovative Ceramic Engineering (M) SDN. BHD (hereinafter referred as 'Operational Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce bearing No. 90012278 dated 14-12-2015 of a sum of USD 13300 and undertook to make payment of the aforesaid amount along with late fee payment of USD 3000 by 30-5-2018. The Corporate Debtor also assured that if the said sum is not paid by 30-5-2018, they undertake to repay the said amount with Court fee, interest and other charges incurred in the Court proceedings. 6. The counsel for the Operational Creditor further submitted that since they failed to make payment of the same, despite repeated assurances, the Operational Creditor issued a Demand Notice dated 29-9-2018 under I B code. It is further stated that the Operational Creditor had neither received any reply or reference to any dispute under the said invoice nor received payment of the amount due and hence present application is filed under section 9 of IBC, 2016 which is duly served on corporate debtor. Submission by Corporate Debtor: 7. The learned counsel for the Corporate Debtor herein submitted that the Operational Creditor had supressed several documents which establishes the pre-existing dispute between the parties regarding the supply of goods by the Operational Creditor is not as per the specification give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut of its liability. ASTMD 3577 glove standard portrayed by the respondent as the prescribed standard for gloves manufactured is grossly misleading as that is an American Standard whereas Indian Standard's prescribed Indian standard IS 4148 for the Indian market. The Corporate Debtor's customers are based in India and their products require to be manufactured under Indian specifications. 14. The counsel further submitted that the Corporate Debtor has been extremely careless in the production of the gloves which led to a mix up in size as well as left and right gloves has occurred. The counsel averred that the Operational Creditor is no way responsible for such negligence on the part of the Corporate Debtor. 15. The Operational Creditor further stated that the Corporate Debtor has several times accepted their liability including interest. Annexures A4, A5, A6, A7 A8 attached with the application clearly shows that the Corporate Debtor has accepted its liability to the Operational Creditor. Moreover, the sales order confirmation will clearly show the acceptance of payment of interest. MA No. 14/KOB/2020 16. A Miscellaneous Application No. 14/KOB/2020 in this app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Application. It is also evident from the letter dated 29-4-2018 that the Corporate Debtor have agreed to pay the outstanding amount along with interest and late payment fee and agreed to pay the court fee if any default occurred in payment of the said outstanding amount. Therefore, we are of the view that the contentions raised by the counsel for the Corporate Debtor are frivolous and no, tenable and hence rejected. 21. The Application is complete and has been filed under the proper form. Copy of the Demand Notice in Form 3, dated 29-9-2018 along with the postal acknowledgement card reflecting the due receipt of the Notice by the Corporate Debtor, Affidavit in compliance of section 9(3)(b), dated 2-11-2018 stating that the Applicant has not received any notice of dispute from the Corporate Debtor have been filed by the operational creditor in support of its claim. 22. The Applicant, having supplied goods to the Corporate Debtor for which the Corporate Debtor has failed to make payments, is an Operational Creditor as per the provisions of the I B Code, 2016. The Corporate Debtor has not raised any dispute in respect of the goods and the amount to be paid to the Applicant unt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uspended or interrupted during the moratorium period; (ii) The provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator. (d) The moratorium shall have effect from the date of this Order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of corporate debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) As the Operational Creditor has not proposed the name of an Insolvency Resolution Professional, we hereby appoint Ms. Baiju P. Registration No. IBBI/IPA-001/IP-P00928/2017-2018/11548, having address at Room No: 7/845D-6, 3rd Floor, Koyenco Bazar, S.M. Street Calicut, Kozhikode, Kerala 673001, Email Id: [email protected], is hereby appointed as Interim Resolution Professi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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