2019 (7) TMI 216

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....d (hereinafter called "Corporate Debtor") seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor alleging that the Corporate Debtor committed default in making payment on 26.08.2017 to the extent of Rs. 8,42,055/- which is inclusive of interest calculated @24% p.a. on the delayed payments by invoking the provisions of Section 9 of Insolvency & Bankruptcy Code (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that the Petitioner has supplied "Bleaching Earth Gallion V2" as per the purchase order issued by the Corporate Debtor and raised an invoice on 27.07.2017 for Rs. 7,09,947/-. The terms a....

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....e. Hence, the objection of the Corporate Debtor that no specific power has given to the person who signed the petition is unsustainable. (b) The Corporate Debtor contends that the demand notice is not issued in the format prescribed under the Code. However, we have find that the demand notice is issued in form 4 and hence, the contention of the Corporate Debtor has to fail. (c) The Corporate Debtor contends that the application filed by the petitioner is not as per the format of the Code. However, this contention is not correct in view of the fact that the application is filed in Form 5 as provided under Rule 6 (1) of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. (d) The Corporate De....

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....titioner has an alternative efficacious remedy available under the law to enforce its claim by filing civil suit before the court of competent jurisdiction. Hence this petition is an arm twisting and cohesive exercise by the petitioner to collect the disputed amount. However, this contention cannot be accepted in view of the fact that the debt is an operational debt and the Corporate Debtor is defaulted in making the payment and no dispute was raised by the Corporate Debtor before the issue of demand notice. 6. This Bench having been satisfied with the Application filed by the Operational Creditor which is in compliance of provisions of section 8 & 9 of the Insolvency and Bankruptcy Code admits this Application declaring moratorium with ....