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TMI Blog2021 (5) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... egistered office at Taluka Dholka, Ahmedabad, Gujarat State. Authorised share capital of the respondent company is Rs. 11,00,00,000/- and paid up share capital is Rs. 10,44,45,130/-. 4. The applicant/operational creditor has stated that, vide several tax invoices, it had delivered cotton of desired quality and quantity for a total amount of Rs. 9,92,01,378/- to the respondent and delivery of the material was made on respective dates at the address desired by the respondent. Copies of all the tax invoices along with e-way bills are annexed as Exhibit A-l" (Colly). That, the cotton sold to the respondent was thereafter converted into yarn by the respondent and supplied to the applicant and other traders. That, an amount of Rs. 5,13,12,320/- has been paid by the applicant to the respondent towards this business transactions. 5. The applicant has further stated that a total amount of Rs. 43,35,958/- is deducted towards goods returned to the respondent by the applicant. That, an amount of Rs. 4,01,38,654/- has been received by the applicant from the respondent. That, the applicant has charged 1% commission on the cotton sale transactions with the respondent aggregating to Rs. 28,67,73 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent (page 282-285), calculation of commission by applicant (page 286), copy of ledger accounts showing list of creditors (page 287), copy of ledger account maintained by applicant (page 288-295), calculation of interest (page 296) etc. 9. Mr. Hirabhai Ahir, Director of the respondent/corporate debtor filed affidavit in reply inter alia raising various objections like; * that, there is a pre-existing dispute; * that, non-payment to supplier by petitioner; * that, non-confirmation of ledger accounts with respondent company's books of accounts and wrong debt entries without confirmation; * that, petitioner has avoided mentioning receipt of reply to the demand notice; * that, respondent company is directly or indirectly connected with petitioner firm; * that, there is/are mistakes in the petition; Findings: 10. Heard learned counsels appearing for both the sides and perused the documents annexed to the application/reply. 11. On perusal of the records it is found that on 16.03.2021, both the sides were heard extensively and the arguments were concluded, however, on the request of the respondent, permission was granted to file documents and fixing the matter on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 15. 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. 16. 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'. 17. 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 "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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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); (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. 22. 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. 23. The order of moratorium shall have effect from the date of receipt of authenticated copy of this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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