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TMI Blog2020 (6) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... m 25.12.2014 to 08.12.2018 the respondent has raised seven debit notes on the applicant towards excess fines in vessels, production loss due to inferior quality of material and short material received. This adjudicating authority is of the considered view that operational debt is due to the Applicant and it fulfilled the requirement of I B Code. That, service is complete and no dispute has been raised by the respondent at any point of time. That, Applicant is an Operational Creditor within the meaning of Section 5 sub section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. This is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code - petition admitted - moratorium declared. - C.P.(I.B) No. 586/NCLT/AHM/2019 - - - Dated:- 16-6-2020 - HON BLE MS. MANORAMA KUMARI, MEMBER JUDICIAL AND HON BLE Mr. CHOCKALINGAM THIRUNAVUKKARASU, MEMB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erms of the sales contract bearing No. NRIPL 11282, interest is to be charged at the rate of 6 months LIBOR plus 3.5% per annum and additional interest of 3% per annum on all amounts due but unpaid from the due date to the actual date of payment. In terms of sales contract bearing reference No. NRIPL 11874, interest is to be charged at the rate of 6 months LIBO R plus 3.5% per annum and an additional interest of 3% per annum on all amounts due but unpaid from the due date to the actual date of payment. 6. It is further submitted by the applicant that upon timely supply of material to the corporate debtor as per the quantity agreed, the applicant raised invoice No. 6824 dated 03.05.2013 for an amount of USD 4,999,999.83 (United States Dollars four million nine hundred ninety-nine thousand nine hundred ninety-nine and eighty three cents only) with interest of USD 98,322.50 (United States Dollars ninety-eight thousand three hundred twenty-two and fifty cents only) and invoice No. 7153 for an amount of USD 2,955,599.04 (United States dollars two million nine hundred fifty-five thousand five hundred ninety-nine and four cents only) along with interest of USD 57,168.67 (United States ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirmation of debt balance of USD 6,128,554.04 due and payable by the corporate debtor to the applicant as on 3 1.03.2017 and the corporate debtor confirmed the said debt balance by signing the letter of corporate debtor dated 05.04.2017 (page 131-132) . . 10. It is further submitted by the applicant that as the corporate debtor did not adhere to the said monthly payment schedule as proposed in the letter dated 11.01.2016, the applicant sent email dated 24.08.2017 to the Managing Director of the respondent company requesting to make outstanding payments. 11. It is further stated by the applicant that, despite efforts, having failed to receive the payment of debt from the corporate debtor, the applicant had issued demand notice dated 10.01.2019 in form No. 3 (page 134-136). That, the corporate debtor having failed to receive any reply to the demand notice in form No. 3, issued statutory demand notice to the corporate debtor under Section 8 of the Code on 04.02.2019 (page 137-189) . Corporate debtor replied the statutory demand notice on 27.04.2019 (page 190-197) i.e. after 20 days, disputing claim of the applicant. 12. The respondent filed affidavit in reply cum objec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e parties are found to be baseless and without any support. On perusal of the records it is found that the applicant has submitted copy of the statement of bank account from February 2014 to October, 2016. 15. On perusal of records it is found that the applicant had issued letter dated 5th April, 2017 (page 131) to the corporate debtor seeking balance confirmation as on 31st March, 2017 for the audit purpose. The said letter bears signature with rubber stamp of the respondent acknowledging the debt. On perusal t is also found that the statement of accounts as on 31st March 2017 (page 132) has also been acknowledged by the respondent with sign and rubber stamp. 16. On perusal of the records t s also found that between the operational creditor and corporate debtor, email communication had taken place during the period from 10th January, 2015 to 10th October, 2018 (page 56-73 to the reply) regarding quality/quantity of the goods supplied and mode of transport. It is also found that during the period from 25.12.2014 to 08.12.2018 the respondent has raised seven debit notes on the applicant towards excess fines in vessels, production loss due to inferior quality of material and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as required by Section 13(1)(b) of the Code. 20. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 21. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub section (1) of Section 14 of the Code: - (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 Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the pos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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