9911796707
TMI Blog2020 (6) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. The respondent/corporate debtor is a private limited company registered under the Companies Act, incorporated on 04.01.2007 having identification No. U27108GJ2007PTC049708 and having registered office at Ellis Bridge, Ahmedabad 380 006, Gujarat State. Authorised share capital of the respondent company is Rs. 3,25,00,00,000/- and paid up share capital is Rs. 3,24,29,89,570/-. 4. The applicant/Petitioner has submitted that based on an already existing business relationship between the applicant and the corporate debtor, the applicant had entered into a sales contract bearing reference number NRIPL 11282 dated 18th March, 2013 and a sales contract bearing reference number NRIPL 11874 dated 28.08.2013 for supply of certain quantities of Metallurgical Coke by the applicant to the corporate debtor as per the sales contract annexed to the application and marked as Annexure 'D' ( Page 41-51) & Annexure 'E' (52-61). That, subsequently addendum - I to sales contract was executed as per Annexure 'F' (page 62) to the application. Under the sales contract bearing No. NRIPL 11282, payment of USD 5 Million (United States Dollars five million only) was to be made by the corporate debtor und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 8. It is further submitted by the applicant that different amounts have fallen due and payable on different dates. That the applicant reserves its right to claim damages and/or other remedies, interest, service charges and other amounts due and arising out of and/or in connection with the sales contract and/or the operational debt at the appropriate stage or in appropriate proceedings as substantial additional sums have accrued and continue to accrue which have been referred to in the correspondence between the parties including the ones annexed to the application. That the details of the operational debt, unpaid invoices, computation and the date on which the debt fell due and payable is annexed to the application and kept at page No. 73. 9. It is further submitted by the applicant that due to the defaults in making payments, the applicant and corporate debtor had exchanged several correspondences to address the issue of defaults in payments by the corporate debtor. Accordingly, the applicant received a letter dated 11th January, 2016 from the corporate debtor stating that the respondent is in severe financial difficulties and requested the applicant to provide support. Additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appearing on behalf of both the parties and perused the documents. 14. On perusal of the application it is found that the applicant has submitted a certified true copy of the resolution passed by the Board of Directors authorising Mr. Girish Koulgi, Director of the applicant company "to sign and file vakalatnama or other authorizations/documents, give affidavits and evidence and such other documents as may be necessary in any Court, Tribunal, authority in India including the National Company Law Tribunal and/or any appellate forums in connection with or incidental to or in furtherance of the proceedings." On the basis of such authorisation, Mr. Girish Koulgi by way of affidavit has authorised MIs. Trilegal, Advocates to act, appear and plead on behalf Qf the applicant ¡n the instant petition. Moreover, the application is signed by Mr. Girish Koulgi as authoriséd signatory for the applicant. Therefore, the objection/ contention raised by the respondent that the application is signed without proper authorisation is not acceptable. Similarly, other contentions raised by the respondent that various parts of the application are not numbered as prescribed under form 5, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jected. 18. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgement and the provisions thereof as enshrined in Insolvency & Bankruptcy Code, 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. 19. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
