TaxTMI 
TaxTMI 
2017 (8) TMI 492
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....te Limited purchased goods from the Operational Creditor during the period from 1-4-2016 to 29-1-2017 vide Retail Invoices as per the following table; Particulars Credit Memo No. Date of Credit Memo Amount Payment Terms Due Date of Payment P.O. No P.O. Date PO/16/1 1/4/2016 1 1/4/2016 105000 Net 30 Days 1/5/2016 PO/16/69 6/4/2016 2 6/4/2016 12760 Net 30 Days 7/5/2016 PO/16/78 9/4/2016 3 8/4/2016 42000 Net 30 Days 7/5/2016 PO/16/152 15/4/2016 4 15/4/2016 105000 Net 30 Days 16/05/2016 PO/16/177 18/4/2016 5 18/4/2016 131250 Net 30 Days 19/05/2016 PO/16/315 30/4/2016 6 30/4/2016 110000 Net 30 D....
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....00 Net 30 Days 21/10/2016 PO/16/1824 27/9/2016 32 27/9/2016 6825 Net 30 Days 28/10/2016 PO/16/1835 28/9/2016 33 28/9/2016 123725 Net 30 Days 29/10/2016 PO/16/1905 4/10/2016 34 4/10/2016 122500 Net 30 Days 5/11/2016 PO/16/1970 12/10/2016 35 12/10/2016 122500 Net 30 Days 13/11/2016 PO/16/2031 19/10/2016 36 19/10/2016 122500 Net 30 Days 20/11/2016 PO/16/2079 25/10/2016 37 25/10/2016 9562 Net 30 Days 26/11/2016 PO/16/2080 26/10/2016 39 26/10/2016 127500 Net 30 Days 27/11/2016 PO/16/2152 4/11/2016 40 4/11/2016 127500 Net 30 Days 5/12/2016 PO/16/2201 12/11/2016 41 12/11/2016 137500 Net 30 Days 13/12/2016 PO/16/2256 18/11/2016 42 18/11/2016 137500 Net 30 Days 19/12/2016 PO/16....
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....rporate Debtor on 21st February, 2017. Even after the receipt of the Demand Notice, Corporate Debtor neither paid the said amount nor gave any reply as called upon in the notice within a period of 10 days of the receipt of the Demand Notice along with copies of invoices. Hence Applicant filed this Petition on 15th March, 2017. This Petition was listed before this Adjudicating Authority on 03.4.2017. On 3.4.2017, Operational Creditor offered to serve notice to the Corporate Debtor. 6. This Adjudicating Authority directed the Operational Creditor to file another set of Petition with Annexures by giving page numbers and listed the matter on 4th April, 2017. 7. On 4th April, 2017, Operational Creditor filed proof of service of notice on the C....
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....ch debt has been legally assigned or transferred,' Since the amount due to the Applicant is an 'operational debt', the Applicant is an 'operational creditor'. (iii) "Corporate Debtor" is defined in sub-section (8) of Section 3 of the Code which reads as follows; '(8) "corporate debtor" means a corporate person who owes a debt to any person;' In the present case, Corporate Debtor, namely M/s. Stratus Foods Private Limited is a Company registered under the Companies Act and it is a "corporate person" within the meaning of sub-section (7) of section 3 of the Code. Prima facie, the facts disclosed that a debt is due from Stratus Foods Private Limited to the Applicant. Therefore, Stratus Foods Private Limited ....
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.... the Code. It says, in an application for corporate insolvency resolution process filed by an operational creditor, if there is no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board, namely Insolvency and Bankruptcy Board of India, for the recommendation of an insolvency professional who may act as an interim resolution professional within ten days from the date of receipt of the reference. Therefore, on the ground that Operational Creditor did not comply with sub-section (4) of section 9 of the Code, the Petition cannot be rejected. This Adjudicating Authority shall follow the procedure laid down under sub-section (3) of Section 16 of the Code, and the Insolvency and Bank....
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.... Authority will appoint Interim Resolution Professional after the same is recommended by the Insolvency and Bankruptcy Board of India under section 16(4) of the Code. 14. (a) In view of the above discussion, the Petition is admitted. (b) This Adjudicating Authority hereby order reference to Insolvency and Bankruptcy Board of India to recommend the name of Insolvency Professional against whom no disciplinary proceedings are pending to this Authority within 10 (Ten) days from the date of receipt of reference. (c) This Adjudicating Authority hereby declares moratorium under section 13(l)(a) prohibiting the following as laid down in section 14 of the Code; (i) the institution of suits or continuation of pending suits or proceedings again....