9911796707
TMI Blog2019 (12) TMI 1395X X X X Extracts X X X X X X X X Extracts X X X X ..... ord also shows that pursuant to order dated 16.07.2019, the petitioner had made paper publication in Financial Express on 05.10.2019. This adjudicating authority is of the considered view that operational debt is due to the Applicant and it fulfilled the requirement of IB 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 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. It is a fit case to initiate Insolvency Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ck food grits, brewery grits and other ingredients for food and feed industry and has supplied the goods being cattle feed to the corporate debtor who is the manufacturer of kapasia khal, cotton seed cake papadi cattle feed maize cake in India. That, the said cattle feed was received and accepted by the corporate debtor without any dispute about the quality/ quantity of goods, but, the corporate debtor failed to make payment of the outstanding dues of the invoices dated 31st August, 2018 to 27th October, 2018 amounting to ₹ 6,60,418/- (Rupees six lacs sixty thousand four hundred and eighteen only). 5. The operational creditor has further stated that the corporate debtor is also liable to pay interest on the outstanding due amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rational creditor to the corporate debtor 22-24 5 Ledger account of the corporate debtor in the books of accounts of the operational creditor 25 6 Computation showing the details of the outstanding amount along with the calculation of interest and the date of default 26 7 e-mail conversation between the parties 27 8 Statutory demand notice as required under section 8 of the I B Code 28-36 9 Speed post receipts evidencin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent has not raised any reply/dispute against the demand notice so issued by the applicant. Record also shows that pursuant to order dated 16.07.2019, the petitioner had made paper publication in Financial Express on 05.10.2019. 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iately 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. 14. From the above stated discussion and on the basis of material available on record, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 15. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of subsection (1) of Section 14 of the Code: - (i) the institution of suits or continuation of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant/operational creditor has proposed the name of CA Kedar Ramratan Laddha to act as IRP. Therefore, this Adjudicating Authority hereby appoint CA Kedar Ramratan Laddha, 6/5 Sahyog Apartment, Behind Keshav Nagar, RTO Circle, Ahmedabad 380 027 ([email protected]) having registration No. IBBI/IPA-001/IP-P00586/2017-2018/ 11115 to act as an interim resolution professional under Section 13(1)(c) of the Code. 19. This Petition is accordingly admitted. 20. Communicate a copy of this order to the applicant, Corporate Debtor, Registrar of Companies and to the Interim Resolution Professional. 21. Registry is directed to inform the office of the Registrar of Companies that the respondent company is under corporate insolvency resolution process a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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