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TMI Blog2021 (4) TMI 1145X X X X Extracts X X X X X X X X Extracts X X X X ..... (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is a limited company incorporated under the Companies Act, 1956, having registered office at New Delhi and having identification No. L74899DL2000PLC105817 engaged in the business of providing logistics services and freight forwarding services comprising of international air freight, international ocean freight, domestic freight, project logistics, custom clearance etc. 3. The respondent/corporate debtor is a private limited company registered on 15.03.2012 under the provisions of Companies Act, 1956, having identification No. U51109GJ2012PTC069439 and having registered offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicant has been regularly corresponding and communicating with the corporate debtor regarding the payment of the outstanding debt, however, no amount of outstanding debt has been forthcoming, but, in September, 2017 the corporate debtor duly admitted and acknowledged the outstanding liabilities and executed a Memorandum of Understanding (page 93-95) dated 22.09.2017 with the operational creditor undertaking to pay the outstanding debt within 90 days in weekly installments ranging from Rs. 1,00,000/- to Rs. 1,50,000/-. Though, thereafter, certain payments were made, but, again the corporate debtor defaulted in paying the weekly installments thereby violating the terms and conditions of the MoU. 7. It is further stated by the applicant tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has filed all the documents and the petition is complete in all respect. Service is complete. That, the petitioner received the last payment on 25.04.2018, therefore, the date of default is 25.04.2018. 12. The Adjudicating Authority is only required to consider whether there is any default and the debt is due and payable. In the instant case, the applicant has placed on record enough documents evidencing the default and hence, the present application deserves to be admitted. 13. On perusal of the record it is also found that the instant petition filed by the applicant is well within limitation and there is no pre-existing dispute regarding the operational debt from the side of the corporate debtor. 14. In the instant application, from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w that operational debt is due to the Applicant and it fulfilled the requirement of I & B Code. No dispute has 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 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty 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 where such property is occupied by or in the possession of the corporate debtor. 21. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 22. The order of mor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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