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TMI Blog2022 (5) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by the Operational Creditor for the period for the period from 01.04.2014 to 31.03.2019 in respect of the goods delivered under various invoices mentioned above, is not disputed by the Corporate Debtor. The Corporate Debtor has not placed any material to show that for the goods received under the invoices, the Corporate Debtor had made necessary payment. Therefore, we find sufficient force in the plea of the learned counsel for the Operational Creditor that the Corporate Debtor had defaulted in discharge of operational debt. Thus, existence of operational debt and its default by the Corporate Debtor since established, it is a fit case to put the Corporate Debtor under CIRP. Petition admitted - moratorium declared. - CP (IB) No. 497/9/HDB/2019 - - - Dated:- 13-5-2022 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : A. Sandhya Rani, Advocate For the Respondents : K.V. Raman, Advocate ORDER 1. This petition is filed by M/s. Navdurga Trade Centre/Operational Creditor, stating that principal amount of Rs. 26,59,949/- plus interest amounting to Rs. 2,59,272/- for the period from 06.10.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Creditor has not complied with the requirements of I B Code. The Corporate Debtor has asked the Operational Creditor to withdraw Form-3. 3. The Corporate Debtor has filed counter dated 13.11.2019 contending that: (i) The claim made by the Operational Creditor is merely based on Purchase Orders raised by the Corporate Debtor on the Operational Creditor and the amounts being released after due verification and scrutiny by the Corporate Debtor. The invoices/Purchase orders have no bearing on the claim raised by the Operational Creditor. Such invoices/purchase orders do not bear stamps of the Corporate Debtor which is essential to establish delivery of goods at the site of the Corporate Debtor. The Operational Creditor has to provide proof towards amount due and payable by the Corporate Debtor. (ii) The Corporate Debtor has admitted that the Corporate Debtor had executed work at certain sites as enlisted in para 9, page 6-7 of the Counter. The Corporate Debtor has further admitted that the Operational Creditor had supplied material in respect of only those projects enlisted and not for any other projects. (iii) The Corporate Debtor has also enclosed certain purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , learned counsel for the respondent/Corporate Debtor. Perused the application filed by the operational creditor, counter and rejoinder filed by the parties and the documents produced before us. 7. In the light of the contest as mentioned above, the following point is framed for consideration by this Adjudicating Authority: Whether the documentary evidence furnished with the application establishes an operational debt as claimed by the Operational Creditor and the Corporate Debtor defaulted in payment of the said operational debt? 8. According to the learned counsel for the Operational Creditor, Purchase orders for the period from 01.04.2014 to 31.03.2015 (Annexure A, Vol. 1 of the petition) placed on the Operational Creditor by the Corporate Debtor for supply of industrial equipments/consumable products is not disputed by the Corporate Debtor. Nextly, the learned counsel would contend that in terms of the Purchase Orders, the Operational Creditor delivered goods under various invoices, which are mentioned at Annexure 'A'. Learned counsel submitted that Corporate Debtor had not disputed receipt of goods under these invoices and the Corporate Debtor has not disp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ledger filed by the Operational Creditor for the period for the period from 01.04.2014 to 31.03.2019 in respect of the goods delivered under various invoices mentioned above, is not disputed by the Corporate Debtor. The Corporate Debtor has not placed any material to show that for the goods received under the invoices, the Corporate Debtor had made necessary payment. Therefore, we find sufficient force in the plea of the learned counsel for the Operational Creditor that the Corporate Debtor had defaulted in discharge of operational debt. Thus, existence of operational debt and its default by the Corporate Debtor since established, it is a fit case to put the Corporate Debtor under CIRP. 13. Hence, the Adjudicating Authority admits this Petition under Section 9 of Insolvency Bankruptcy Code, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions: (A) Corporate Debtor, M/s. Sangha Erectors Pvt. Limited is admitted in Corporate Insolvency Resolution Process under section 9 of the Insolvency Bankruptcy Code, 2016, (B) The Bench hereby prohibits the institution of suits or continuation of pending suits or proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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