TaxTMI 
TaxTMI 
2020 (10) TMI 679
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....es, 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 30.04.2010 having identification No. U24230GJ2010PTC060512 and having registered office at Taluka Sand Moraiya, Dist. Ahmedabad, Gujarat State. Authorised share capital of the respondent company is Rs. 9,65,00,000/- and paid up share capital is Rs. 46,34,870/-. 3. The applicant/operational creditor, a proprietary concern is engaged in the business of pharma raw material trader and having address for correspondence at Naranpura Cross Road, Ahmedabad. 4. The applicant/operational creditor has stated that the corporate debtor had approached him for the purpo....
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....ate, at the rates mentioned in the respective invoices. Since, there is a gross and admitted delay in making payment for each invoices, interest amount of Rs. 5,70,857/- on delayed payment of invoices is due and payable as on 02.03.2019 as per the working computation of amount and dates of default along with interest in tabular form annexed to the application. 8. The applicant has further stated that the corporate debtor had assured and agreed to release the payments and clear the invoices as per the terms and conditions contained therein from time to time. That, it was assured that all the payments will be made in timely manner, however, the corporate debtor has failed to clear these admitted and undisputed dues of the applicant. 9. The ....
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....d either in person or through advocate. Therefore, the matter is heard in absence of the respondent as the service is complete. Heard at length the learned lawyer appearing for the petitioner and perused the documents annexed to the petition. 14. On perusal of the records it is found that as per the order of the adjudicating authority dated 23.08.2019, the operational creditor has effected paper publication and proof thereof has been submitted. 15. On perusal of the records it is also found that even after the paper publication the respondent has not come forward and has submitted nothing in writing. 16. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is co....
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....nder the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgement 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 ....
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....aw, 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. 25. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not ....