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TMI Blog2021 (10) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... or contended that as per section 9(3)(b) of the I B Code, there is dispute among parties, but that contention is after thought as until demand for payment raised by the Operational Creditor, the Corporate debtor accepted material supplied and enjoyed the same. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondent Corporate Debtor for supply of raw materials to the Applicant. 6. The materials supplied by the Corporate Debtor are namely: WPM 265 5L, Sealing Tape 120/70 Article No. 27010, Flex Liquid 5L, Flex Powder Grey 7.50 Kg, WPM 124 20 Kg, P 51 5 Kg, WPM White 5L, SU 10 600ml, B 30 25 Kg, EP GT A Grey 1 Kg and allied products. 7. On event of non-payment, a Demand Notice was issued by the Operational creditor in respect of unpaid operational Debts due from the Corporate Debtor under Section 8 of the Code dated 23rd June 2018 along with acknowledgement. Copy of the same is Annexed as Annexure-I of the Petition. 8. The Applicants submits the Following list of Invoices issued to Meta Arch: Reply Submitted by the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t excess material is lying at the site, and the same shall be removed as these products comes with a expiry period, but the petitioner has not done so till date. 15. The Respondent submits that upon the balance confirmation given by the Corporate Debtor, they have made note on it that the excess material should be taken back, and amount is to be adjusted. 16. The Respondent submits that the provisions of Section 8 9 does not provides for combined/joint petition by one or more Operational Creditors unlike the provisions of Section 7 for the Financial Creditors. 17. Moreover, the Respondent Submits that the present petition falls incomplete as under the provisions of Section 9(3)(b) of the Code, an affidavit to the effect that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de through email. E-mail dated 7th August 2015, the Corporate Debtor has agreed to release balance payment and further requested to supply materials as required. Annexed as Annexure-1 of the Rejoinder. Finding 21. We have heard the submissions of Applicant as well as the Respondent and perused the records. 22. The Applicant i.e. the Operational Creditor as per Purchase Order supplied material and stand taken by the Corporate debtor that there was understanding that material should be supplied only 100% advanced payment, but the Corporate Debtor has never raised any dispute in respect of supplied of excess quantity material until the demand for payment raised by the Operational Creditor after a year. The last bill issued on 7th Oc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. 26. There shall be a moratorium under section 14 of the IBC, in regard to the following: i. The institution of suits or continuation of pending suits or proceedings 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 (SARFAESI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IBC. The fee payable to IRP/RP shall be compliant with Regulations, Circulars and Directions issued by the Insolvency Bankruptcy Board of India (IBBI) as may be applicable. 31. During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. 32. The Operational Creditor shall deposit a sum of ₹ 1,00,000/- (Rupees one lakh only) with the IRP to meet the expenses arising ..... X X X X Extracts X X X X X X X X Extracts X X X X
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