9911796707
TMI Blog2020 (1) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... so issued by the applicant - On perusal of the record it is found that the petition is complete in all respect. This adjudicating authority is of the 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 be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dred twenty-three only) along with interest @ 18% per annum. That, the corporate debtor along with one of its sister concerns, namely M/s. Abhinav Alloys had approached the operational creditor for the supply of different types of metals, hardeners etc. and the corporate debtor and its sister concern started purchasing different types of metals from the operational creditor. 5. It is further stated by the operational creditor that till August, 2017 the corporate debtor and its sister concern have carried out transactions of a considerable amount with the operational creditor and at no point of time, the corporate debtor or its sister concern have raised any dispute or demur with respect to the quality of products supplied by the operationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y its sister concern i.e. M/s. Abhinav Alloys in its own accounts in the month of April 2018 by agreeing to pay the same to the operational creditor in due course of time. However, till now, the corporate debtor had never bothered to clear or release the admitted and undisputed debt of the operational creditor and have avoided the payment on one or the other pretext. 8. It is further stated by the applicant that, in addition to the above, on 13.05.2019, the corporate debtor admitted and acknowledged an outstanding amount of ₹ 11,89,723/- payable to the operational creditor as on 31.03.2019 by sending a duly signed ledger account as maintained by the corporate debtor for the period between April, 2015 to March 2019. Accordingly, princ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent was allowed to advance arguments. 13. On perusal of the records it is found that having failed to get the outstanding payments from the respondent, the applicant was compelled to issue demand notice under section 8 of I & B Code on 07.06.2019. Record also shows that the respondent has not raised any dispute against the demand notice, so issued by the applicant. 14. On perusal of the record it is found that the petition is complete in all respect. 15. 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 define ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 18. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authenticated copy of this order till the completion of the corporate insolvency 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. 22. The applicant/operational creditor has not proposed the name of Insolvency Resolution Professional. Therefore, this Adjudicating Authority hereby appoint Shri Saaurabh Jhaveri, 620, Jolly Plaza, 6th Floor, Athwagate, Surat 395 001 ([email protected]) (Mobile: 9228427123) having registration No. IBBI/IPA-002/IP-N00068/2017-18/10146 to act as an interim resolution professional under Section 13(1)(c) of the Code. 23. This Petition is accordingly admitted. 24. Commu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
