2019 (7) TMI 910

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....the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to trigger Insolvency Resolution Process against M/s. H.M. Industrial Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor M/s. Shah Kiritkumar Babulal Ni Company is a sole proprietorship company, having its registered office at Plot No. 16, Sardar Krushi Ganj Thara, Taluka Kankrej, Bansakantha District, Gujarat and engaged in the business of supply of castor seeds and Bardan (gunny/jute bags). 3. That, M/s. H.M. Industrial Private Limited is a company incorporated under the Companies Act, 1956 on 16.06.2016 and having its registered office at RS No. 1035/1+2+3, Modasa Road, Kapadwanj, Kheda, Guja....

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.... certificate of provisional registration issued by GOI and GOG A 12 03 Computation of outstanding amount B 13 04 Certified statement of bank account No. 49520200000348 C 19-58 05 Copies of translated invoices for castor seed, invoices for sacks and debit memo D 59 - 559 06 Copies of invoices of sacks issued by corporate debtor to operational creditor E 560-571 07 Copy of cheque dated 17.08.2018 bearing No. 010960 drawn on Bank of Baroda, Kapadwanj Branch, for Rs. 5,47,69,909/- issued by corporate debtor in favour of operational creditor along with the memo received from bank F 572 08 Copy of form 3 dated 20.10.2018 issued to corporate debtor G 573-579 09 Cop....

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....e rejecting and/or admitting the application, we must refer to the legislation guide on Insolvency Law of United Nations Commission on International Trade Law. One of the things the Legislative Guide spoke about was whether the debt is subject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. 11. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment 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 in support of that operational creditor has placed copy of the invoices at page Nos. 59 to 571 to the applica....

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....ion of claims under Section 15 as required by Section 13(l)(b) of the Code. 15. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 16. The petition is, therefore, admitted and the moratorium is declared for prohibiting 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 d....