TaxTMI 
TaxTMI 
2019 (9) TMI 676
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....plication to Adjudicating Authority) Rules, 2016, to trigger Insolvency Resolution Process against M/s. Khyati Foods Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor Ms. Sakshi Garg was appointed as financial consultant by the corporate debtor to provide financial services such as bank loan renewal, CMA preparation, credit rating co-ordination etc. for various credit facilities of the corporate debtor vide appointment letter dated 1st March, 2016. The total amount to be paid to the operational creditor for providing the above mentioned financial services was Rs. 4.00 lacs which is also clearly mentioned in the appointment letter issued by the corporate debtor. 3. The operatio....
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.... all the relevant documents like copy of bank statement, copy of her appointment letter, copy of demand notice, copy of invoices, copy of ledger account of the operational creditor, copy of reminder letters, copy of bank statement confirming that there is no payment of unpaid operational debt by the corporate debtor and copy of consent of the proposed insolvency resolution professional. 5. That, the respondent/corporate debtor Khyati Foods Private Limited is a private limited company having identification number U01549MP2004PTC016729, having its registered office at E7/80, Arera Colony, Bhopal, Madhya Pradesh 462 016. That, authorised share capital of the corporate debtor is Rs. 12,00,00,000/- and paid-up share capital is Rs. 3,25,77,040/-....
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....tive 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. That, service is complete and no dispute has been raised by the respondent. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of ....
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....e. 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 disposing of by the corporate debtor any of its assets or any legal right or beneficial inte....