2020 (10) TMI 219

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....ication to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is a private limited company having identification U01132GJ1986PTC101100 and having its address at GIDC Estate, Ankleshwar, Bharuch District, Gujarat state. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 15.10.2003 having identification No. U26933GJ2003PTC043058 and having registered office at Morbi, Gujarat State. Authorised share capital of the respondent company is Rs. 2,75,00,000/- and paid up share capital is Rs. 2,65,00,000/- 4. The applicant/operational creditor has stated that it is engaged in the business of manufactu....

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....al of the operational debt and/or any preexisting dispute regarding the operational debt from the corporate debtor. 9. 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 the operational debt to the Applicant. 10. The documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 11. On perusal of the records it is also found that the corporate debtor has never raised any dispute on issuance of notice u/s 8 of the I & B Code nor have ever raised any dispute pri....

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....ection 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 other law for the time being in force. 15. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be m....

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....y property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. 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 period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 19. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or ....