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TMI Blog2020 (5) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... n is filed through Mr. Vikas Aggarwal, being director and authorised signatory of the petitioner. 3. The respondent-corporate debtor, namely, Jay Polypack P. Ltd., was incorporated on December 10, 2011 with CIN : U21014GJ2011PTC068153. The authorised share capital of the company is Rs. 1,00,00,000 (rupees one crore only) and the paid-up share capital is Rs. 96,64,120 (rupees ninety six lakhs sixty four thousand one hundred and twenty only). The registered office of the corporate debtor-company is situated at : B-30, Amar Jyot Duplex, Near Chanakya Puri Cross Road, New Sama Road, Vadodara Gujarat-390 008. 4. The operational creditor has submitted an amount claimed to be in default as on July 31, 2018 Rs. 7,84,735 (rupees seven lakhs eighty four thousand seven hundred and thirty five only) on account of goods supplied. Whereas, Rs. 4,26,571 (rupees four lakhs twenty six thousand five hundred and seventy one only) is due towards the interest charged upon the late payments at 24 per cent. per annum in terms of express contractual condition present in purchase order and invoices. Hence, the total operational debt due along with contractual interest charged for the purpose of this appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e receipts the total outstanding comes to Rs. 8,09,734. 10. It is submitted that there was a break on payments by the respondent for some 4 months. And finally on November 28, 2017 there was a meeting held with Mr. Vijay Doraprasad Nimmagadda, the director of corporate debtor, at Proventus Ager India P. Ltd., in Vadodara. The director of the corporate debtor unequivocally admitted the entire outstanding liability of Rs. 8,09,734 and proposed to issue post-dated cheques of equivalent amount from one of its sister concern company Proventus Ager India P. Ltd. 11. It is submitted that following cheques were issued by Mr. Vijay Doraprasad Nimmagadda in favour of the petitioner on behalf of the corporate debtor. The said director is the director of both the aforesaid companies belong to him. He is the director and banking signatory in both the said companies and have all the authority to issue the said post-dated cheques for liquidating of the entire outstanding of the corporate debtor. 12. It is submitted that the total outstanding as on said date was Rs. 8,09,734 and that the said director issued the 5 cheques culminating to extent of Rs. 8,09,000 for liquidation of the entire debt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent-company. 18. In view of the above, it is clear that the corporate debtor has defaulted in making payment and the date of default is August 23, 2016 to September 27, 2016. 19. The petition is filed on August 30, 2018 under section 9 of the Insolvency and Bankruptcy Code, 2016 for the unpaid operational debt due and defaulted of Rs. 12,11,305. 20. The case was taken up by this Adjudicating Authority on November 30, 2018 however, none appeared on behalf of the corporate debtor. The matter was adjourned to January 9, 2019 with directions to the registry to serve the notice of date of hearing on the respondent along with the copy of the order under acknowledgment. The matter was heard on November 30, 2018, January 9, 2019, March 14, 2019, April 26, 2019, July 17, 2019, September 4, 2019, October 9, 2019 November 5, 2019, December 3, 2019, December 17, 2019 and December 18, 2019. In spite of sufficient opportunities none appeared on the behalf of respondent in any hearing date. 21. The matter was finally heard on December 18, 2019. During the arguments, learned counsel for the operational creditor has submitted that the petition may be admitted and an interim resolution professio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any legal right or beneficial interest therein. (c) 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) ; (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (II) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. (III) The provisions of sub-section (1) shall not apply to (a) such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (IV) The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process. 26. The petitioner/operational creditor has not suggested the name of any interim resolution professional in the present petition. Though it is not mandatory on the part of the applicant to propose and 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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