2020 (2) TMI 698

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....ad with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The petitioner/operational creditor is a private limited company having Identification No. U24223DL2014PTC269617 and having registered office at New Delhi is engaged in the manufacture and supply of machinery. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 7th February, 2012 having Identification No. U26914GJ2012PTC068945 and having registered office at Tal. Wankaner MATEL, Gujarat State. Authorised share capital of the respondent company is Rs. 12,00,00,000/- and paid-up share capital is Rs. 11,89,45,030/....

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.... 7 Statement of account of operational creditor from 08.04.2019 to 25.04.2019 issued by HDFC Bank 57-58 8 Form Nos. 3 &4 issued by petitioner 59-66 9 Form 2 issued by IRP 67-70 10 Proof of service of demand notice 72 6. The respondent/corporate debtor filed affidavit in reply admitting the debt and inter alia stating that due to reasons beyond the control of management the respondent company is facing liquidity crunch and, therefore, unable to pay its creditors on time. Findings 7. Heard learned lawyer appearing for both the sides, also seen the documents annexed to the application. On perusal of the records it is found that the corporate debtor has admitted the debt by way of affidavit. 8. On p....

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.... authority is of the considered view that operational debt is due to the Applicant and it fulfilled the requirement of IB Code as enshrined in the Code. That, the respondent also filed affidavit admitting the dues and no dispute has been raised by the respondent at any point of time. That, Applicant is an Operational Creditor within the meaning of Section 5 sub-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 and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. 12. Section 13 of the Code enjoins upon ....

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.... 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, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 15. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with ....