AI Drafter 
TaxTMI 
TaxTMI 
2020 (1) TMI 1275
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....ection 9 of The Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"]. 2. The applicant/operational creditor is a partnership firm situated at Satellite, Ahmedabad is a leading supplier and trader of foundry fluxes, foundry coatings, resins/binders, feeding materials etc. 3. The respondent corporate debtor is a private limited company registered on 21.01.2010 having registration No. U28112GJ2010PTC059270 having its registered office at Udyognagar, Gujarat state. Authorised share capital of the respondent company is Rs. 7,00,00,000/- and paid up share capital is Rs. 6,70,0....
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....ate debtor remains outstanding and payable since an elongated period of time. 7. It is further stated by the operational creditor that there was a specific clause in each of the invoices raised by the operational creditor to the effect that in case of delay in payment of the invoices beyond the due date, the operational creditor shall be entitled to claim interest at the rate of 18% per annum. That, the operational creditor had reminded the corporate debtor and its sister concern to release the above-mentioned outstanding dues from time to time through various emails, calls and letters. In response to such reminders, the corporate debtor had agreed, promised and undertaken to clear the outstanding dues payable by the corporate debtor as ....
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....ccount payment was received on 08.11.2017. 10. The applicant has further stated that having failed to receive the overdue payments from the corporate debtor and its sister concern, the operational creditor was compelled to issue demand notice under section 8 of the I & B Code in form 3 dated 7th June, 2019 demanding payment of unpaid operational debt due from the corporate debtor. 11. In support of its claim, the petitioner has submitted copy of documents like invoices, demand notice, statement of accounts, bank statement, authority letter, affidavit in support of the application and affidavit of no dispute. Findings 12. Heard the learned lawyers appearing for both the sides. On perusal of the records it is found that despite gi....
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....acts 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 and payable to the Applicant and it fulfilled the requirement of IB Code as enshrined in the Code. 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 there is/are occurrence of default on the part of the corporate debtor and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barre....
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....f 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 and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-secti....