9911796707
TMI Blog2022 (9) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1 lakh. It is pertinent to mention here that the Notification regarding the enhancement of minimum amount of default to one crore for the purpose of Section 4 was issued by the Ministry of Corporate Affair on 24th March, 2020 and the amount defaulted by the Corporate Debtor and filing of the petition was before that i.e. on 01.03.2020. Since any notification issued by the Government are generally Prospective in nature unless specifically expressed, hence the notification is not applicable to the present case - the instant Application satisfies the pecuniary criteria under Section 9 of the Code, 2016. This Authority is satisfied that there is an outstanding operational debt as well as there is default by the corporate debtor. Considering the facts and circumstances in which this debt has arisen, the nature of the Debt is an 'Operational Debt' as defined under section 5 (21) of the Definitions under the Code and there is a Default also as defined under section 3 (12) of the Code on the part of the Corporate Debtor. This Authority is of the firm view that there was default on the part of the respondent in pursuance of invoices raised on behalf of the applicant. Acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that they are into the business of manufacturing and selling vitrified flooring tiles. b) The Corporate Debtor further stated that they had placed several purchase orders to the Operational Creditor on 21.01.2016, 04.03.2016, 06.05.2016, 19.05.2016 and 03.06.2016 for the supply of the vitrified tiles directly to the customers of the Corporate Debtor and the material provided by Operational Creditor was not up to the mark. As the material provided was not in accordance with the specification, colour and quality of the material the same was not accepted by the customers of the Corporate Debtor and the Corporate Debtor had to bear the loss. c) The Corporate Debtor further stated that after receiving the defective material from the Operational Creditor they made a request to the Operational Creditor to provide them with the inspection report which was prepared by the Operational Creditor before dispatching the material to the customers. However, the said requested report has not been received till date. d) The Corporate Debtor also stated in its reply that the interest amount of Rs. 2,35,932/- has been wrongly calculated as the Operational Creditor has failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he pecuniary criteria under Section 9 of the Code, 2016. 8. With regard to the contention made by the Corporate Debtor in his reply that the material delivered to their customers by the Operational Creditor were defective, it is observed that though the Corporate Debtor has advanced this contention, however, the Corporate Debtor has failed to corroborate the said contention with any evidence whatsoever. The other contention made by the Corporate Debtor in his reply stating therein that the Operational Creditor has failed to give any inspection/quality certification report at the time of dispatch and therefore the Operational Creditor is not entitled for any interest on the dues for a sum of Rs. 4,36,912/- also does not establish or prove on record that the goods supplied by the Operational Creditor were not of the good quality. Moreover, no such agreement with respect to the same has been shown to have been entered into between the parties and accordingly, adverse inference has to be drawn against the respondent. Hence, we are of the considered view that the Corporate Debtor has admitted its liability to the tune of Rs. 4,36,912/-. Keeping in view the aforenoted facts and reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m in terms of Section 14 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 judgement, 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 therein; (c) 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor, where such property is occupied by or in possession of the corporate debtor. (e) The IB Code 2016 also prohibits Suspension or termination of any license, permit, registration, quota, concession, clearance or similar grant or given by the Central government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
