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TMI Blog2022 (5) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... (ND)/2021 - - - Dated:- 18-4-2022 - Bachu Venkat Balaram Das, Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant : Dheeraj Gupta, Adv. For the Respondents : Karan Gandhi, Adv. ORDER Bachu Venkat Balaram Das, Member (J) 1. The case of the Applicant/Operational Creditor in the present case under Section 9 of IBC, 2016 is that the Corporate Debtor in the year 2015 approached the Applicant for supplying Crude Palm Oil. A total of six transactions happened between the parties. Out of the said 6 invoices, payments with respect to three invoices were made in the year 2017-2018 and the payment for the remaining three invoices was not made. 2. The Applicant/Operational Creditor issued a Demand Notice under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will make the payments as and when funds are available. 5. We have heard the Ld. Counsel for the parties. From the perusal of the records, it is evident that the Corporate Debtor has paid part payment of the total amount. The last payment of USD 1,338,750.00 was made on 04.03.2018 which is more than the threshold limit at the relevant point in time. Thus, the debt is due and payable both in fact and in law. 6. It is seen from the records that notice of default under Section 8 has been delivered and an affidavit under Section 9(3)(b) of IBC has also been filed. Having heard the submissions and perused the records, we are of the view that a clear case of the default has been made out by the Applicant and the present application under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orcement of Security Interest Act, 2002 (54 of 2002); d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 9. The supply of essential goods or services of the Corporate Debtor shall not be terminated, suspended or interrupted during the moratorium period. The provisions of sub-section (1) of section 14 of IBC, 2016 shall not apply to such transactions, as notified by the central government. 10. The IRP shall comply with the provisions of sections 13(2), 15, 17 and 18 of the Code. The directors of the Corporate Debtor, its Promoters or any person associated with the management of the corporate debtor shall extend all assistance and cooperation to the IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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