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TMI Blog2021 (1) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor, a proprietorship firm of Mr. Ansh Mukesh Chordiya having identification No. GSTIN24BUUPC1858DIZN, having its registered office at Ahmedabad, engaged in manufacture of variety of fabrics, has submitted that the respondent is indebted a total sum of Rs. 10,05,832/- (Rupees ten Iacs five thousand eight hundred thirty-two only) and interest @ 18% per annum amounting to Rs. 55,212/- to the applicant towards the supply of HDPE Woven fabrics made by two invoices dated 20th July, 2019 and 08th August, 2019 as per the details annexed at page No. 22-25 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and perused the documents annexed to the application/reply. 8. On perusal of the records it is found that the instant petition filed on 24.02.2020 was notified for the first time on 12.03.2020. On perusal of the record it is also found that the demand notice issued by the applicant under section 8 of the I & B Code on 18.12.2019 has been served upon the corporate debtor. 9. On perusal of the reply filed by the corporate debtor it is found that the contentions raised in defence of the operational debt are vague, ambiguous and up-through merely to raise unnecessary and false dispute to escape the provisions of Insolvency and Bankruptcy Code, 2016. Moreover, no documentary proof is provided by the corporate debtor in support to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 14. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ 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 Rs. 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 pende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de 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. 17. From the above stated discussion and on the basis of material available on record it is evident that the corporate debtor has committed default in payment of operational debt and, therefore, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 18. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 21. The applicant/operational creditor has not proposed name of the Interim Resolution Professional. This Adjudicating Authority hereby appoint Mr. Sachin Bhattbhatt, A-103, Yogiraj Villa 2, Kuna! Char Rasta, Nr. Signat Plaza, Behind Iscon Heights, Gotri Laxmipura Road, Gotri, Vadodara 390 023 having registration No. IBBI/IPA-003/IP-N000138/ 2017-18/11514 to act as an interim resolution professional under Section 13(1)(c) of the Code. 22. This Petition is accordingly admitted. 23. Communicate a copy of this order to the applicant, Corporate Debtor, Registrar of Companies and to the Interim Resolution Professio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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