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TMI Blog2022 (7) TMI 870X X X X Extracts X X X X X X X X Extracts X X X X ..... etition made by the Operational Creditor is complete in all respects as required by law There is default by the Corporate Debtor in payment of debt amount. Therefore, it is a fit case for initiation of CIRP against the Corporate Debtor, and that the petition is filed within the limitation period. This Tribunal has jurisdiction to adjudicate the Company Petition filed by the Operational Creditor and that there is a Debt due payable by the Corporate Debtor. Therefore, the Application filed by the Operational Creditor is liable to be admitted. The application is complete and has been filed under the proper form. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established and the application deser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thousand eight thirty eight only) including the interest at the rate of 18% p.a. The date of default is 1.11.2020. 4. The case of the Operational Creditor is as under: a) The Operational Creditor i.e. Chiranjilal Yarns Private Limited is an established trader and supplier of different types of yarns to manufacturers in India. On basis of the Petition the default of an amount of Rs. 1,60,87,138/- ( Debt Amount ) of which the principal amount is Rs. Rs. 97,87,220/- and the remaining amount is interest. The amount is due and payable under 9 invoices, of which 5 invoices are fully unpaid and 1 is partly paid. b) For this purpose, the Operational Creditor has raised various invoices in respect of supply of Goods to the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,35,167 23/01/2020 8. GSTSL/4176 25/01/2020 9,00,450 1,08,054 10,08,504 09/02/2020 9. GSTSL/4257 01/02/2020 3,30,165 39,620 3,69,785 03/02/2020 TOTAL 2,02,26,017 c) The Operational Creditor submits that, the Corporate Debtor accepted the goods without any demur or any protest or dispute there by further made Part Payments on the invoices. The details of the invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bit B in Written Submissions. Findings: 5. It is observed that, the corporate debtor had not filed the reply. Both the parties were directed to file Written Submissions, but only Operational Creditor has filed and the same is taken on record. The case was extensively argued by Counsel from both the sides. 6. The Last date of invoice is 01.02.2020 and the date of filing is 30.12.2020 and it is well within the Limitation. This Bench has jurisdiction to deal with this Company Petition. 7. It is observed by the Bench that the Corporate Debtor had time and again by its letter, invoices and by making part payment acknowledged its liability. Therefore, the Petition made by the Operational Creditor is complete in all respects as req ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the IBC, in regard to the following: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall carry out functions as contemplated by Sections 15,17,18,19,20,21 of the IBC. f) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. g) The Operational Creditor shall deposit a sum of Rs.5,00,000/- (Rupees five lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Commit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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