9911796707
TMI Blog2022 (3) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... as not paid amounts in respect of individual invoices. In fact the corporate debtor has admitted its liability to pay the dues towards applicant vide reply to demand notice as well - In the facts it is seen that the applicant clearly comes within the definition of Operational Creditor as the Corporate Debtor itself has admitted the fact of receiving goods supplied by the applicant. On a bare perusal of Form-5 filed under Section 9 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. An application under Section 9 of the Code is acceptable so long as the debt is proved to be due and there has been occurrence or existence of default. In respect of applications filed before 24.03.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me. It is the case of the applicant that the corporate debtor vide email on 15.02.2018 has admitted liability that a sum of ₹ 3,07,34,879 was due and payable to applicant by it. 3. It is further stated that the corporate debtor on 01.11.2019 issued total 16 cheques for payment of ₹ 2,12,01,446.32/-. Out of the said cheques two cheques amounting to ₹ 3,00,000/- were cleared and the corporate debtor also transferred ₹ 50,000/- through NEFT. The applicant further clarified that there was no understanding between the parties that the payment will be made in installments. 4. As per part-IV the corporate debtor is liable to pay as on 30.12.2019 ₹ 1,95,01,446/- is pending to be paid by corporate debtor to the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y corporate debtor after issuance of said cheques. 7. The petitioner has filed rejoinder to the reply of respondent and submitted as follows: i. It is submitted that the corporate debtor has sent a reply to the demand notice wherein no dispute of any nature was raised. On the contrary, the dues towards applicant were admitted. The applicant has filed affidavit in terms of Section 9(3)(b) of the Code alongwith the rejoinder. ii. In respect of claim of interest the applicant clarified that the interest is payable as per market usage and practice. The transaction between the parties was commercial in nature and commercial rate of interest is payable by the corporate debtor. iii. The applicant denied that the part claim is bar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the debt is proved to be due and there has been occurrence or existence of default. In respect of applications filed before 24.03.2020 what is material is that the default is for at least ₹ 1 Lakh. In view of Section 4 of the Code, the moment default is of Rupees one lakh or more, the application to trigger Corporate Insolvency Resolution Process under the Code is maintainable. The corporate debtor has failed to show that there is no debt or default in existence so as to avoid the provisions of the Code. 12. In view of the aforesaid discussion, the corporate debtor has failed to demonstrate that any pre-existing dispute between the parties infact the corporate debtor has admitted its liability. Therefore, the present application de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2016) with regard to admission of this application under Section 9 of the Insolvency Bankruptcy Code, 2016. 16. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: (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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day to day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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