2019 (9) TMI 1453

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.... 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 proprietorship company of Mr. Chhattarlal J. Asawa having PAN AADHA4975P and GST No. 24AADHA4975PIZW and having its office at Nagarwell Hanuman Road, Rakhial, Ahmedabad is engaged in the supply of chemicals like lead selenium, lead oxide etc. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 26.05.2009 having identification No. U29100GJ2009PLC057053 having registered office at 19, Mahavir Nagar, N.H. No. 8, Vapi 396 195, Gujarat State. Authorised share capital of the respond....

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....19th January, 2019 is not time barred by limitation. 7. In support of its claim, the petitioner has submitted copy of the following documents: -     Sr. No. Particulars Page No.     1 Company master data of corporate debtor 1-2     2 Tabular format showing amount due from corporate debtor along with interest 3     3 Bank statement of the operational creditor 4     4 Invoices raised by the operational creditor 5-28     5 Demand notice in form - 3 29-31     6 Form - 4 issued by operational creditor dated 15.01.2019 32-33     7 Written communication by pr....

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....on shows that the aforesaid debt is due and payable and has not yet been paid; and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? 12. In view of the aforesaid discussions and before rejecting and/or admitting the application, we must refer to the legislation guide on Insolvency Law of United Nations Commission on International Trade Law. One of the things the Legislative Guide spoke about was whether the debt is subject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. 13. Thus, under the facts an....

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....ppointment of Interim Insolvency Resolution Professional. This Adjudicating Authority direct the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 17. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 18. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - (i) the institution of suits or continuation of pending su....