9911796707
TMI Blog2020 (12) TMI 245X X X X Extracts X X X X X X X X Extracts X X X X ..... is heard on 27.08.2020 ex-parte. On perusal of the record it is found that the demand notice issued by the applicant under section 8 of the I B Code on 17.12.2019 has been served upon the corporate debtor, but, no dispute has been raised. Therefore, the petitioner has also filed affidavit of no dispute dated 18.01.2020 - the instant petition filed by the applicant is well within limitation and there is no denial of the operational debt or any pre-existing dispute regarding the operational debt from the side of the corporate debtor. 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'. This Author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Sachin, Dist. Surat, Gujarat State. Authorised share capital of the respondent company is ₹ 24,00,00,000/- and paid up share capital is ₹ 10,00,00,000/-. 4. It is stated by the applicant that the operational creditor and corporate debtor were introduced to each other through common business contact transactions and the corporate debtor approached the operational creditor with the intention to do job work on textile fabrics. That, the operational creditor and the corporate debtor are engaged in transactions for the last decade, however, the corporate debtor started delaying the payments with respect to the transactions from March 2018 and the total outstanding amount in relation to supply of goods is ₹ 9,42,378/-(Rupee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t (52-72), form 3 4 along with proof of service (81-95) etc. Findings: 8. On perusal of the records it is found that the instant petition filed on 23rd January, 2020 was notified for the first time on 11.02.2020. Thereafter, despite giving number of opportunities, the respondent has not filed any reply. As per the records respondent appeared through counsel after lockdown when the matter was fixed on 05.08.2020 and again prayed for time. Two weeks' time was granted, but, having failed to file reply, the matter is heard on 27.08.2020 ex-parte. 9. On perusal of the record it is found that the demand notice issued by the applicant under section 8 of the I B Code on 17.12.2019 has been served upon the corporate debtor, but, no di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 13. Thus, under the facts and circumstances and as discussed herein above, in the light of the Hon'ble Supreme Court Judgement and the provisions thereof as enshrined in Insolvency Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant and it fulfilled the requirement of I B Code. That, service is complete and no dispute has ever been raised by the respondent 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 ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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