2019 (7) TMI 1622

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....ty) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Shri Gumandev Processors Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor M/s. Venus Traders, having its registered office at 11/104, Hanuman Pole, Nanavat, Surat 395 003, Gujarat State and engaged in the business of trading in dyes and chemicals across the country. 3. That, the respondent/corporate debtor M/s. Shri Gumandev Processors Private Limited is a company incorporated under the Companies Act, 1956 on 14.11.2003, and having its registered office at Plot No. 706, Opp. Ultra Rubber, GIDC, Ankleshwar, Gujarat State, having identification No. U17124G2003PTC043185. That, authorised share capital of t....

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....ort placed as Annexure - 4 to the application. 6. The applicant has submitted copies of the following documents in support of the claim: - Sl. No. Particulars Page No 01 Demand notice in Form 3 and Form 4 12-14 02 Outstanding accounts, ledger, invoice, delivery challan 15-23 03 Computation of interest 24-25 04 Receipt and tracking report of consignment 26-27 05 Pan & shop establishment certificate 28-30 06 Bank statement 31-148 07 Present status of corporate debtor from the records of MCA 149 08 Form No. 2 150 09 Ledger account of the respondent 151 Findings: 7. On perusal of the record, it is found that on number of occasions service has been....

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....le 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 in support of that operational creditor has placed copy of the invoices at pages No. 16 to 20 to the application. 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 (5) of 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. 12. That, the Application filed by the Applicant is complete in all respects. 13. The applicant/operational credito....

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.... 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); (iv) the recovery of any property by a....