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TMI Blog2020 (1) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... e considered view that operational debt is due and payable to the Applicant and it fulfilled the requirement of IB Code as enshrined in the Code. That, Applicant is an Operational Creditor within the meaning of Section 5 sub-section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as there is/are occurrence of default on the part of the corporate debtor 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 also a matter of record that the corporate debtor has issued a cheque in favour of the applicant for ₹ 25.00 lacs and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... share capital is ₹ 1,33,59,550/-. 4. The applicant/Petitioner has submitted that the respondent company is in total default of ₹ 85,43,026/- (Rupees eighty-five lacs forty-three thousand twenty-six only) which includes interest @ 18% per annum. That, the total cost of goods supplied to the respondent till 03.07.2017 is of ₹ 64,31,782/- plus interest of ₹ 21,11,244/- from the date of default to the date of demand notice on outstanding payable to the applicant towards the value of goods sold and delivered by the applicant to the corporate debtor from time to time as evidenced in the ledger. 5. The operational creditor has further stated that upon completion of its obligation, it raised invoices towards the goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d notice, so issued by the applicant. 10. On perusal of the record it is found that the petition is complete in all respect. 11. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private 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 proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code. 15. 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 19. The applicant/operational creditor has proposed name of Mr. Paresh Chandulal Mehta to act as IRP. Therefore, this Adjudicating Authority hereby appoint Mr. Paresh Chandulal Mehta, B-13, Nirmal Society, Pandurang Wadi, Dombivli (East), Thane - 421 201 having registration No. IBBI/IPA-003/IP-N00099/2017-18/11008 to act as an interim resolution professional under Section 13(1)(c) of the Code. 20. This Petition is accordingly admitted. 21. Communicate a copy of this order to the applicant, Corporate Debtor and to the Interim Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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