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TMI Blog2020 (10) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... rence 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. 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 Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a proprietary concern is engaged in the business of pharma raw material trader and having address for correspondence at Naranpura Cross Road, Ahmedabad. 4. The applicant/operational creditor has stated that the corporate debtor had approached him for the purpose of procuring certain pharmaceutical products. After being satisfied with the quality of material offered by the applicant, the corporate debtor started procuring commercial resin from time to time from the applicant during the period from November 2016 to February, 2017 as per the purchase order issued by the respondent and invoices-cum-delivery challans raised by the applicant and acknowledged by the respondent company marked and annexed to the application as annexure 1B collect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and clear the invoices as per the terms and conditions contained therein from time to time. That, it was assured that all the payments will be made in timely manner, however, the corporate debtor has failed to clear these admitted and undisputed dues of the applicant. 9. The applicant has further stated that a principal amount of ₹ 11,97,053/- and interest thereon to the tune of ₹ 5,70,857/- remains outstanding and payable by the corporate debtor. Therefore, the total outstanding amount comes to ₹ 17,67,909/- (Rupees seventeen lacs sixty-seven thousand nine hundred nine only). 10. It is further stated by the applicant that time and again, through letters as well as emails, the applicant had reminded the corporate d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of has been submitted. 15. On perusal of the records it is also found that even after the paper publication the respondent has not come forward and has submitted nothing in writing. 16. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the operational debt to the Applicant. 17. In the instant case, the documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 18. On perusal of the records it is also found that the corporate debtor has never rais ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent at any point of time. 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 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. 22. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... truction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 25. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 26. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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