TaxTMI 
TaxTMI 
2019 (12) TMI 1351
X X X X Extracts X X X X
X X X X Extracts X X X X
....after 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"], as operational creditor/applicant. 2. The petitioner/operational creditor is a proprietary firm of Mr. Kishore Hazariani situated at Hathikhana, Fathepura, Vadodara, Gujarat State engaged in the wholesale supply of sugar. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 10th December, 2010 having identification No. L15549GJ2010PLC063283 and having registered office at Fathepura, Vadodara, Gujarat State. Authorised share capital of the respondent company is Rs. 115,00,00,000/- and paid up share capital is Rs. 11....
X X X X Extracts X X X X
X X X X Extracts X X X X
....re proceedings carried out at various premises of the respondent company, custody of the key managerial persons of the company were taken over by Commissioner of Central GST and Customs Department till 25.07.2019. That, due to these events other directors resigned from the post of Director and as a result of the same the company went through a rough patch. That, looking to the current situation, the respondent company has requested the operational creditor to grant extension of 45 days from the schedule which have been agreed on 30.08.2019 as per Annexure D to the reply. In reply, the corporate debtor produced following schedule: - Sr. No. Amount Date 1 9,00,000 15.11.2019 &nb....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... payable to the operational creditor. 11. During the course of hearing, learned lawyer appearing on behalf of the operational creditor submitted that the contention raised by the corporate debtor that payment of Rs. 5,00,000/- has been made towards the outstanding is incorrect and in fact the said amount has been made as advance towards the current supplies. 12. On perusal of the records it is also found that, vide letter dated 02.07.2019, the corporate debtor has acknowledged the debt and has sought more time to clear the dues. 13. On perusal of the record it is found that the petition is complete in all respect. 14. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ (JP)....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s 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. 16. 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 made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority direct the Interim Resolution Professional to make public announcement of initiatio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nterrupted 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. 20. 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 passes an order for liquidation of corporate debtor under Section 33 as the case may be. 21. The applicant/operational creditor has not proposed name of the IRP. Therefore, this Adjudicating Authority hereby appoint Mr. Dakshesh Pravinchandra Choksi, 303-305 Vrajbho....