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TMI Blog2021 (5) TMI 434X X X X Extracts X X X X X X X X Extracts X X X X ..... ted default in paying the operational debt due and payable to the Applicant - 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 aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid up share capital of the respondent company is ₹ 10,00,000/-. 3. The brief fact of the case is that, the applicant supplied goods to corporate debtor as credit sales and corporate debtor made part payments for the purchases made from operational creditor. That, till 01.04.2018, the operational creditor supplied fabric worth ₹ 9,18,92,315 to the corporate debtor. That, the operational creditor received payments from the respondent as part considerations except the amount of ₹ 3,18,27,826/- and as on 01.04.2019 the said amount is outstanding. 4. The operational creditor has further submitted that having failed to receive the outstanding payment from the respondent, the applicant was compelled to issue demand notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the corporate debtor. 10. 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. 11. 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'. 12. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ (JP) 2 SC that while examining an application under Section 9 of the Act, will have to determine the following:- (i) Whether there is an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcise 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 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. 15. From the above stated discussion and on the basis of material available on record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e notified by the Central Government in consultation with any financial sector regulator. 18. 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. 19. The applicant/operational creditor has proposed the name of CA Neha Firoda, having registration No. IBBI/IPA-001/IP-P-01938/2020-2021/13093 and having address at G/H 164, Scheme No. 54, Vijaynagar, Indore, Madhya Pradesh 452 010 to act as an interim resolution professional under Section 13 (1) (c) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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