TaxTMI 
TaxTMI 
TaxTMI 
2020 (2) TMI 817
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....s "the Code"] read 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. U27104MH2006PTC160932 and having registered office at Worli, Mumbai is engaged in supply of steel and allied material. 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 submi....
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....ter ending June, 2015 and September, 2015 issued by the corporate debtor. That, the ledger of the corporate debtor in the books of the operational creditor for FY 2015-16 has been attached with the application (Annexure VII). That, last payment of Rs. 2,00,000/- was received on 31.03.2016 as per bank statement attached with the application. 6. The operational creditor has further stated that due to non-payment of dues, demand notice dated 6th June, 2018 was issued upon the corporate debtor on 12th June, 2018 and copy of the demand notice is attached to the application (Annexure X). That, the corporate debtor has replied to the demand notice vide letter dated 5th July, 2018 which is beyond the stipulated period of 10 days from the date of r....
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....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; (iv) during the course of first hearing, none appeared for the petitioner; (v) insolvency petition is not a recovery petition and so it cannot stop limitatio....
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....cted from para 10 of the reply. 12. Further, on perusal of the ledger attached to the reply filed by the respondent (Page Nos. 52 to 54) it is found that from 2013 onwards the respondent has been making lump sum payment against the invoices raised by the operational creditor from time to time. It is evident that payments were made not on the basis of, bill to bill basis, but on ad hoc basis, therefore, contention raised by the respondent that payment of Rs. 2.00 lakhs made on 31.03.2016 cannot be considered as acknowledgement of debt, is not justifiable. 13. On perusal of the record it is found that (para 3 of reply to demand notice) the respondent has admitted that on 6th August, 2015 factory premises of the respondent company were close....
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....the following: - (i) Whether there is an "operational debt" as defined exceeding Rs. 1.00 lakh (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? If any of the aforesaid conditions is lacking, the application would have to be rejected. 16. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment and t....
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....olution 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....