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TMI Blog2020 (10) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor committed default in paying the operational debt to the Applicant. On perusal of the records it is also found that the corporate debtor has never raised any dispute on issuance of notice u/s 8 of the I B Code nor have ever raised any dispute prior to the issuance of notice - the respondent has defaulted the debt and has admitted the operational debt. 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 - application admitted - moratorium declared. - C. P. No. (IB) 470/9/NCLT/AHM/2019 - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate respondent during the period from 26.11.2015 to 15.06.2018, nine bills for an aggregate amount of ₹ 15,06,636/- is outstanding along with interest at the rate of 24% per annum. Accordingly, the total principal operational debt along with interest ₹ 21,87,975/- (Rupees twenty-one lacs eighty-seven thousand nine hundred seventy-five only) is due and payable to the applicant by the corporate debtor as on 31.05.2019. 6. In support of its claim the operational creditor has furnished relevant documents like copy of demand notice, table showing the calculation of operational debt, affidavit in support of the application, affidavit verifying facts and documents in support of the petition, copy of ledger account, bank stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rivate Limited [2017] 1 IBJ(JP) 2 SC that while examining an application under Section 9 of the Act, will have to determine the following: - (i) Whether there is an operational debt as defined exceeding ₹ 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. 14. Thus, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 16. 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. 17. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Authority hereby appoint CS Mr. Keyur J. Shah, 408, Chitrarath Complex, Off. C.G. Road, Navrangpura, Ahmedabad 380 009, Gujarat (cs [email protected]) (9909702182) having registration No. IBBI/IPA-002/IP-N00244/2017-18/10729 to act as an interim resolution professional under Section 13(1)(c) of the Code. 21. This Petition is accordingly admitted. 22. Communicate a copy of this order to the applicant, Corporate Debtor, Registrar of Companies and to the Interim Resolution Professional. 23. Registry is directed to inform the office of Registrar of Companies that the respondent company is under corporate insolvency resolution process and, therefore, no proceedings for striking off name of the respondent company be initiated arisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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