TaxTMI 
TaxTMI 
2020 (4) TMI 678
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....y Code, 2016 [hereinafter referred to as "the Code"] read with rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 28-8-2010 having Identification No. U45200GJ2010PTC062145 and having registered office at Ghatlodia, Ahmedabad, Gujarat State. Authorised share capital of the respondent company is Rs. 65,00,000/- and paid-up share capital is Rs. 25,00,000/-. 3. The applicant/operational creditor is a company incorporated under the Companies Act, 1956 having its registered office at Mumbai is engaged in the business of manufacture ....
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....demanded by the respondent company. That, the applicant also raised retail invoices on supplies made from time-to-time, which were duly accepted by the respondent. That, the respondent never objected with regard to the cost and quality of the material and over and above drawn the profit/benefit of using the material supplied by the applicant and failed to pay the outstanding dues of the applicant. 6. The applicant has further stated that since the respondent had a running account with the applicant whereby they were allowed to pay on a lump sum basis instead of paying on tax invoices raised by the applicant from time-to-time, the respondent issued two cheques dated 20-5-2017 and 30-5-2017 totally amounting to Rs. 4,09,804/-. That, on prese....
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....thin the statutory period of ten days from the date of demand notice, the respondent is deemed to be unable to pay its debts and, therefore, the liquidation procedure maybe initiated against the respondent. 9. In support of its claim, the operational creditor has annexed to the application copy of all related documents like copy of invoices, demand notice, E-mail communication, proof of service etc. 10. The respondent filed affidavit in reply inter alia denying all the contents and averments in the petition. That, the petition is incomplete and affidavit as per section 9 (3) not submitted along with form 5, the person who has signed the application is not authorised by the Board resolution, the demand notice would have been delivered at t....
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.... that the respondent has failed to produce any record in support of such issue. The copy of E-mail communication annexed to the affidavit in reply at Page No. 9-12 are the communication between the respondent and Indian Oil Corporation. The respondent has not placed on record copy of any communication between the respondent and the petitioner regarding quality of the material supplied by the petitioner to Indian Oil Corporation and therefore contention raised by the respondent regarding pre-existing dispute does not hold good. 14. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying th....
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....ight of the Hon'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 and it fulfilled the requirement of I & B Code. That, service is complete 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 othe....
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....erring, 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. 23. 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 perio....