TaxTMI 
TaxTMI 
2020 (1) TMI 1080
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.... the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"]. 2. That, the applicant/operational creditor M/s. Devsaria Iron & Steel Company Private Limited is a company incorporated under the Companies Act, 1956, having identification No. U27100L2010PTC201024 and having its office at Loha Mandi, New Delhi-110 028, is engaged in the business trading of hot and cold rolled steel plates across India and abroad. 3. That, the corporate debtor M/s. Perfect Boring Private Limited is a company incorporated under the Companies Act, 1956, on 18th May, 2001 and having its registered office at GIDC, Vatva, Ahmedabad, Gujarat State, having identification No. U29222GJ2001PTC039563. That, authorised share capital of the corpora....
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....ce as provided in the purchase order has a credit period of 60 days and hence there is a separate date of default for debt due against each invoice. Hence, the date of default for the present application with respect to the payment of invoice is 13.10.2016 and for the purpose of calculation of interest is 14.05.2015. That as on 05.01.2019, the total amount of interest comes to Rs. 2,23,52,365.00 6. The operational creditor has further submitted that it had filed a police complaint on 06.12.2016, at Vatva Police Station, Ahmedabad. Further, the corporate debtor had handedover a residential flat to the operational creditor worth Rs. 45.00 lacs as security towards payment of dues. That the corporate debtor had never raised any dispute with ....
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....9. The respondent filed affidavit in reply/objections inter alia stating that:- • the operational creditor has deliberately and intentionally, suppressed the facts inasmuch as have not disclosed pendency of Civil Suit No. 318/2019 before Hon'ble City Civil Court at Ahmedabad for the defective and poor and inferior quality of material supplied by the petitioner. That, the respondent had drawn the attention of the petitioner for existence of the dispute and also informed the petitioner in respect of the suit filed in the matter. It is settled law that the IB petition is not maintainable if there is a dispute between the parties pending in any other court of law. • That, Form No.-5 has been filed and signed by one....
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....hs upon issuance of demand notice. Therefore, contention raised by the respondent regarding pre-existing dispute is not sustainable as the suit is filed three months after issuance of the demand notice as an afterthought to take defence in future. 13. The applicant has produced copy of Board Resolution, dated 20.01.2019, whereby Director of the applicant company Mr. Kamal Kishore Bansal is authorised to approach the Tribunal under the relevant provision of the IB Code and Form No. 5 is filed by Mr. Kamal Kishore Bansal. 14. A combined reading of the petition filed by the operational creditor and the reply objections filed by the corporate debtor clearly shows that the respondent has not produced any document to validate its objections....
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....s 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 default. 19. That, the Application filed by the Applicant on 02nd July, 2018 is complete in all respects. 20. The applicant/operational creditor has not proposed the name of Interim Resolution Professional. Therefore, this Adjudicating Authority hereby appoint Shri Manish Kumar Bhagat, 103-104 ....