2019 (7) TMI 579

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....e, 2016 [hereinafter referred to as "the Code"]. 2. That, the applicant/operational creditor M/s. Khanna & Khanna Limited, having identification number U24117UP1984PLC006465 and having its registered office at Plot No. CF-6, Industrial Area, Panki Site - 5, Udyog Kunj, Kanpur, Uttar Pradesh 208 022 is engaged in the business of supply of Spin Finish Oil and other lubricating materials used in textile materials, leather, fur skin etc. 3. That, M/s. Raj Rayon Industries Limited is a company incorporated under the Companies Act, 1956 on 17th August, 1993, having its registered office at Survey No. 177/1/3, Village Surangi, Silvassa, Dadra & Nagar Haveli and having identification No. L17120DN1993PLC000368. That, authorised share capital o....

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....y the applicant on the respondent along with documents evidencing dispatch and delivery of the goods. 32-37 05 Invoice No. 101839, dated 17.03.2018 raised by the applicant on the respondent along with documents evidencing dispatch and delivery of the goods. 38-43 06 Invoice No. 101967, dated 29.03.2018 raised by the applicant on the respondent along with documents evidencing dispatch and delivery of the goods. 44-49 07 Invoice No. 0074, dated 09.04.2018 raised by the applicant on the respondent along with documents evidencing dispatch and delivery of the goods. 50-56 08 Invoice No. 0147, dated 16.04.2018 raised by the applicant on the respondent along with documents evidencing dispatch and delivery of the....

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....ides. Findings: 8. On perusal of the material available on record it is found that the respondent has admitted its inability to clear the overdue payment. That, during the course of hearing also Learned lawyer appearing on behalf of the respondent fairly admitted that the respondent company is not in a position to pay the debt amount. The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of (sub-section (20) of Section 5) of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. 11. That, the Application filed by the Applicant is complete in all respects. 12. The applicant/operational cred....

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....biting 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, ....