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TMI Blog2019 (10) TMI 1489X X X X Extracts X X X X X X X X Extracts X X X X ..... ional 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 of one lakh rupees 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 - this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 4675/MB/C-IV/2018 - - - Dated:- 22-10-2019 - Mr. Rajasekhar V.K., Member (Judicial) AND Mr. Ravikumar Duraisamy, Member (Technical) For The Operational Creditor : Mr. KH Halai i/b Halai Co, Advocate For The Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. 4. The case of the Operational Creditor is as follows: - (a) The Operational Creditor and the Corporate Debtor had entered into a Client Service Agreement dated 14.07.2016 for rendering courier, transportation and other support services to the Corporate Debtor. The said Agreement is placed as Exhibit 'A' at p.18 of the Petition (para 1 of Part IV at page 4 of the Petition); (b) In terms of the said Agreement, the Operational Creditor rendered the services as and when called upon to do so., and duly raised six invoices on the following dates: - (1) 31.03.2017 (2 nos.); (2) 15.04.2017 (2 nos.); (3) 30.04.2017; (4) 15.05.2017; and (5) 31.05.2017 (para 1 of Part IV at page 5 of the Petition); (c) The Op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent provides for interest on delayed payments at the rate of 18% per annum. The credit limit indicated in the Agreement is ₹ 1,00,000/- (Rupees one lakh only) [page 18 of the Petition]. 10. It is the stand taken by the Learned Counsel for the Corporate Debtor that the Operational Creditor was not obliged to honour any consignment handed over to the Operational Creditor once the credit limit of ₹ 1,00,000/- was exhausted. It is also his specific submission that any amount in excess of the said sum of ₹ 1,00,000/- which was the credit limit granted in terms of the Client Services Agreement dated 14.07.2016 (p.18 of the petition) was at the risk of the Operational Creditor and that the Corporate Debtor should not be held r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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