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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 ..... al 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 adjudicating authority is of the considered view 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 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oject 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 office at Ahmedabad, Gujarat State. Authorised share capital of the respondent company is ₹ 1,00,000/- and paid up share capital is ₹ 1,00,000/-. 4. The applicant/operational creditor has stated that during the course of business it had provided logistical services, comprising of arrangement of international ocean freight services by road and railways and agency attendance services for export of the corporate debtor's goods from India to their final destination. That, the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents ranging from ₹ 1,00,000/- to ₹ 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 that having failed to receive the outstanding debt, the applicant was compelled to issue demand notice in form 3 under section 8 of the Code dated 04.01.2019 demanding operational debt of ₹ 13,51,214/- (Rupees thirteen lacs fifty-one thousand two hundred fourteen only) due and payable by the respondent along with interest @ 24% upon the outstanding operational debt from the date of presentation of invoices. That, the corporate debtor has neither replied the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the operational debt due and payable to the Applicant. 15. 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'. 16. It h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority direct the Interim Resolution Professional to make public ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply 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 moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 23. The applicant/operational creditor has not proposed the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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