TaxTMI 
TaxTMI 
2020 (4) TMI 309
X X X X Extracts X X X X
X X X X Extracts X X X X
....hority) Rules, 2016 [hereinafter referred to as "the Rules"]. 2. The applicant/operational creditor is a proprietary firm having identification/PAN AXLPG7584P and having office at Varachha Road, Surat, Gujarat State is engaged in the business of textile raw material. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 6-1-2012 having identification No. U17120GJ2012PTC068499 having registered office at Varachha Road, Surat, Gujarat State. Authorised share capital of the respondent company is Rs. 24,50,000/- and paid-up share capital is Rs. 17,49,800/-. 4. The applicant/Petitioner has submitted that vide Invoice Nos. 8 and 10 and delivery challan Nos. 8, 11 & 12 respectively dated 6-5-2017 an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o 39 to the report. 6. In support of its claim, the petitioner has submitted copy of the following documents: - Sl. No. Particulars Page Nos. 1 Affidavit in support of initiation for Corporate Insolvency Resolution Process by operational creditor u/s 9 of the Insolvency and Bankruptcy Code, 2016 6-10 2 General affidavit verifying the petition 11-12 3 PAN card of the petitioner 13 4 Invoices and delivery challans 15-19 5 Notice dated 13-10-2018 issued by petitioner along with postal receipt 20-21 6 Reply dated 18-10-2018 from respondent 22 7 Statement of accounts of respondent-company in the books of the petitioner 23 8 Calculation sheet of the total outstanding 24 9 Bank statement for last two years from Kotak ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....they are not in a position to make the payment and hence they are admitting the claim of the petitioner. 11. On perusal of the records it is found that the respondent has not raised any dispute regarding the operational debt payable to the operational creditor even after receipt of demand notice. 12. While examining an application under section 9 of the Act, will have to determine the following: - (i) Whether there is an "operational debt" as defined exceeding Rs. 1.00 lac (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 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....39;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 (20) of section 5 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. 15. That, the Application filed by the Applicant on 8th January, 2019 is complete in all respect. 16. The applicant/operational creditor had not proposed the name of Interim Resolution Professional. Therefore, this Adjudicating Auth....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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); (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. 20. It is further directed that the supply of goods an....