TaxTMI 
TaxTMI 
2017 (8) TMI 492
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....p; 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 Days 1/6/2016 PO/16/342 3/5/2016 7 3/5/2016 5200 Net 30 Days 4/6/2016 PO/16/375 7/5/2016 9 9/5/2016 37950 Net 30 Days 10/6/2016 PO/16/396 9/5/2016 10 10/5/2016 115000 Net 30 Days 11/6/2016 PO/16/476 14/5/2016 11 14/5/2016 115000 Net 30 Days 15/06/2016 PO/16/536 22/5/2016 12 22/5/2016 23000 Net 30 Days 23/06/2016 PO/16/597 28/5/2016 14 28/5/2016 115000 Net 30 Days 29/06/2016 PO/16/670 4/6/2016 15 4/6/2016 238000 Net 30 Days 5/7/2016 PO/16/811 16/6/2016 16 16/6/2016 122500 Net 30 Days 17/07/2016 PO/16/884 23/6/2016 17 23/6/2016 123750 Net 30 D....
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.... 16/12/2016 49 16/12/2016 139125 Net 30 Days 17/1/2017 PO/16/2594 24/12/2016 51 24/12/2016 132500 Net 30 Days 25/1/2017 PO/16/2655 30/12/2016 54 30/12/2016 130000 Net 30 Days 1/2/2017 PO/16/2790 6/1/2017 55 6/1/2017 130000 Net 30 Days 7/2/2017 PO/16/2761 12/1/2017 56 12/1/2017 130000 Net 30 Days 13/02/2017 PO/16/2805 20/1/2017 58 20/1/2017 130000 Net 30 Days 21/02/2017 59 25/1/2017 10600 Net 30 Days 26/2/2017 60 26/1/2017 4600 Net 30 Days 27/2/2017 PO/16/2883 29/1/2017 61 29/1/2017 130000 Net 30 Days 30/2/2017 3. The Corporate Debtor accepted the goods sold and supplied by the Applicant Operational Creditor without any complaint. 4. As per the Terms and Conditions of Invoices, payment has to be made within 30 days from the date of supply of goods. But Corporate Debtor failed to make payments. 5. Applicant issued Demand Notice dated 20th February, 2017 in Form No. 3 along with copies of Invoices as provided in sub-clause (a) of sub-rule (1) of rule 5 of the Rules, cl....
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....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 is a "Corporate Debtor" within the meaning of sub-section (8) of section 3 of the Code. The dates of Invoices commence from 1-4-2016 and up to 29-1-2017. Therefore, the operational debt is within limitation period. "Operational Creditor" is required to deliver a Demand Notice along with copies of Invoices to the "Corporate Debtor". In the case on hand, 'Operational Creditor' complied with the said requirement. ....
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....ference. 12. No record of dispute is made available to this Adjudicating Authority. The Applicant has placed on record the Ledger Account of Applicant in the account books of Corporate Debtor. 13. 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 Code. Sub-section (2) of section 13 says that public announcement shall be made immediately after the appointment of Interim Resolution Professional. In the case on hand, simultaneous with the admission order, this Adjudicating Authority is not going to appoint Interim Resolution Professional because the Applicant did not propose the name of Interim Resolution Professional. But, this Adjudicating 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 A....