9911796707
TMI Blog2021 (11) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... ELD THAT:- It is deposed by the operational creditor in their affidavit dated 16.11.2020 attached at Page Nos. 170-173 of the petition that the corporate debtor challenged the instant application on grounds of limitation. However, the respondent-corporate debtor has in their reply vide Diary No. 017781/1 dated 22.03.2021 submitted that corporate debtor is unable to pay the debt due to financial crisis. Their secured financial creditor i.e. Punjab National Bank has taken physical possession of manufacturing facility of the corporate debtor - there is no dispute as to the liability of the corporate debtor. It is observed that copy of bank statements has been attached as Annexure P-7 (colly) of the application and the specific entries showing payments being made to the operational creditor. Whether present application is filed within limitation? - HELD THAT:- Since the last payment was made to the operational creditor by corporate debtor for ₹ 50,000/- (Annexure P-7 Colly) on 17.11.2017, the period of limitation would begin on 17.11.2017. The demand notice was served on 01.10.2020 (Page 72) of the present application was filed on 18.11.2020. Therefore, the petition is filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The facts of the case, briefly, as stated in the petition are that the operational creditor has supplied polyester yarn and polyester staple fibre to the corporate debtor and raised invoices from 09.12.2014 and 03.10.2016 totalling ₹ 2,48,21,744 [₹ 1,68,38,153 (principal) + ₹ 79,83,591 (interest)]. Copies of these invoices have been attached as Annexure P-2 (colly) of the petition. Copy of the ledger account ranging from 01.04.2015 to 31.03.2020 has also been attached as Annexure P-3 (colly) of the petition. Copy of workings for computation of amount and dates of default has been attached as Annexure P-4 to the petition. The counsel for the applicant in Form 5 (page 7-14) of the petition states that as per invoices attached with the petition date of last invoice i.e. 03.10.2016, therefore the date from which the debt fell due is 10.10.2016. Copy of invoice dated 03.10.2016 has been attached at page 26 of the application. 4. A demand notice in Form 3 and Form 4 dated 23.09.2020 along with the relevant postal receipts are stated to be served upon the corporate debtor by speed post on 01.10.2020 and e-mail on 24.09.2020. The demand notice was accompanied by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the e-mail address provided by the corporate debtor in the company Master Data which has not bounced back. In view of the same, it is held that the demand notice has been duly served. 9. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It is deposed by the operational creditor in their affidavit dated 16.11.2020 attached at Page Nos. 170-173 of the petition that the corporate debtor challenged the instant application on grounds of limitation. However, the respondent-corporate debtor has in their reply vide Diary No. 017781/1 dated 22.03.2021 submitted that corporate debtor is unable to pay the debt due to financial crisis. Their secured financial creditor i.e. Punjab National Bank has taken physical possession of manufacturing facility of the corporate debtor. Further, the last payment of ₹ 50,000/- on 17.11.2017 also amounts to acknowledgement of debt by the corporate debtor. Thus, there is no dispute as to the liability of the corporate debtor. It is observed that copy of bank statements has been attached as Annexure P-7 (colly) of the application and the specific entries showing payments being made to the operation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 of the Code. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: (a) 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; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. (f) The provisions of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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