2021 (1) TMI 344

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....s "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 applicant/operational creditor, a proprietorship firm of Mr. Ansh Mukesh Chordiya having identification No. GSTIN24BUUPC1858DIZN, having its registered office at Ahmedabad, engaged in manufacture of variety of fabrics, has submitted that the respondent is indebted a total sum of Rs. 10,05,832/- (Rupees ten Iacs five thousand eight hundred thirty-two only) and interest @ 18% per annum amounting to Rs. 55,212/- to the applicant towards the supply of HDPE Woven fabrics made by two invoices dated 20^th July, 2019 and 08th August, 2019 as p....

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....bsp; Heard learned counsels appearing for both the sides and perused the documents annexed to the application/reply. 8.  On perusal of the records it is found that the instant petition filed on 24.02.2020 was notified for the first time on 12.03.2020. On perusal of the record it is also found that the demand notice issued by the applicant under section 8 of the I & B Code on 18.12.2019 has been served upon the corporate debtor. 9.  On perusal of the reply filed by the corporate debtor it is found that the contentions raised in defence of the operational debt are vague, ambiguous and up-through merely to raise unnecessary and false dispute to escape the provisions of Insolvency and Bankruptcy Code, 2016. Moreover, no document....

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....the Applicant. 13.  The documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 14.  It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ 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 ....

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....provided under Section 15 of the Code. Subsection (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 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 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 C....