2020 (12) TMI 245

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.... 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 applicant/operational creditor is a private limited company registered under the Companies Act, 1956, having identification number U22219BR1998PTC008416 and having registered office at Taluka Palsana, Dist. Surat, Gujarat State under the Bombay Shops and Establishment Act, 1948 and having its registered office at Udhna, Dist. Surat is involved in the business of job work for dyeing & printing of textile goods/clothes. 3. The respondent/corporate debtor is a limited company registered under the provisions Companies Act, 1956 on 4th March, 2011 and havi....

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....e cleared by the corporate debtor and two cheques given by the corporate debtor got dishonoured on presentation in the bank. According to the operational creditor, the last payment received from the corporate debtor was 17.10.2019. 6. It is further stated by the applicant that, having failed to receive the overdue payments, the applicant was compelled to issue demand notice in form 3 dated 17th December, 2019 under section 8 of the I&B Code calling upon the respondent to clear the operational debt due and payable as on 12.12.2019. 7. In support of its claim, along with the application, the applicant has submitted copies of unpaid tax invoices/delivery challans (page), ledger of corporate debtor in the books of the applicant (73-80), b....

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....creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 12. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ (JP) 2 SC that while examining an application under Section 9 of the Act, will have to determine the following: - (i) Whether there is an "operational debt" as defined exceeding Rs. 1.00 lac (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application 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 pende....

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....c 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 initiation of Corporate Insolvency Process and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 15. From the above stated discussion and on the basis of material available on record it is evident that the corporate debtor has committed default in payment of operational debt and, therefore, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 16. The petition is, therefore, admitted and the moratorium is declared for....