TaxTMI 
TaxTMI 
2020 (2) TMI 817
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.... 3. The respondent/corporate debtor is a company registered under the Companies Act, having Identification No. U45200GJ2000PLC037316 and having registered office at Bharuch, Gujarat State. Authorised share capital of the respondent company is Rs. 50,00,000/- and paid up share capital is Rs. 23,67,000/-. 4. The applicant/Petitioner has submitted that the operational creditor has been supplying various steel and allied material to the corporate debtor from time to time as per instructions received from the management of the corporate debtor. Total material supplied are of the period from 30.06.2015 to 08.08.2015 against which payment is outstanding. The applicant has also filed statement showing details of invoices, date of billing, date of default and interest calculations on account of which debt fell due is shown in a table attached with the application (Annexure III - page 13 of the application). That, the invoices against which payments are outstanding are annexed with the application (Annexure IV) i.e. 10 number of invoices. That, the proof of delivery in terms of lorry receipt are also attached with the application (Annexure V). That, all the sales pertaining to the outstan....
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.... Lorry receipt 24-33 6 "C" forms 34-37 7 Ledger of the corporate debtor in the books of the operational creditor for FY 2015-16 38-41 8 Bank statement showing the last payment received by the operational creditor from corporate debtor 42-534 9 Bankers certificate issued by the bank of the operational creditor 535 10 Demand notice issued to the corporate debtor by operational creditor 536-539 11 Indian Post docket & proof of delivery of demand notice 540-543 12 Reply of corporate debtor to the demand notice dated 05th July, 2018 544-545 13 Affidavit of No notice of dispute 14 Affidavit in support of the company petition 8. The respondent/corporate debtor filed affidavit in reply inter alia stating that... (i) the petitioner has not supplied a copy of petition; (ii) rate of interest shown by the petitioner varies at different; (iii) petition appears to be time barred because the copies of the invoices relied upon by the petitioner have last due date of 22.09.2015 thereby meaning the limitation expired on 21.09.2018....
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.... August, 2015 factory premises of the respondent company were closed and taken over by the receiver appointed under an ex parte order of DRT-III, Mumbai litigation and upon challenging such action, by order dated 5th October, 2015, DRT - III had restored possession of the factory. On bare reading of the application and affidavit in reply filed by the corporate debtor, it is clear that the goods supplied against which the invoices are pending is for the period from 30.06.2015 to 08.08.2015. That, possession of the respondent factory is taken over by DRT-III on 06.08.2015. Therefore, the contention raised by the corporate debtor that since the concerned premises was not in the possession of the respondent during the period from 30.06.2015 to 08.08.2015, is not acceptable. Further, pendency of proceeding before the Debt Recovery Tribunal could not be a ground for not commencing insolvency resolution process in view of the fact that Bankruptcy Code is having overriding effect over any other law. 14. On perusal of the records it is found that having failed to get the outstanding payments from the respondent, the applicant was compelled to issue demand notice under section 8 of I & B ....
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.... of Corporate Insolvency Process and call for submission of claims under Section 15 as required by section 13(l)(b) of the Code. 18. 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. 19. 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 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, 2002 (54 of 2002); ....