2021 (4) TMI 632

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....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"], as operational creditor/applicant. 2. The applicant/operational creditor is a private limited company incorporated under the Companies Act, 1956, having correspondence address at Ahmedabad and having identification No. U15139GJ2008PTC053499 engaged in the business of trading and selling sweets, cooked/semi-cooked/uncooked and other food products. 3. The respondent/corporate debtor is a private limited company registered on 25.07.2013 under the provisions of Companies Act, 1956, having identification No. U92100GJ2013PTC076178 and having registe....

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....od of one year the respondent has changed the advocates in regular intervals consequent upon which, on 02.03.2021, as a last chance, the respondent was allowed to file reply along with a cost of Rs. 10,000/- to be paid to the petitioner. As the notice issued by the Registry was returned with postal remark "insufficient address", as directed by this Bench, the petitioner had also effected paper publication, therefore, the service is complete, however, on the date of final hearing, Mr. Bhargav Hasurkar, Advocate appeared on behalf of respondent. 10. Heard the learned counsels appearing for both the sides and perused the documents annexed to the application. 11. On perusal of the records it is found that the petitioner has filed all the ....

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....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 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? If any of the aforesaid conditions is lacking, the application would have to be rejected. 17. Thus, under the facts and circumstances and as discussed herein above, in the light of the Hon'ble Supreme Court Judgment and the provisions thereof as enshrined in Insolvency & Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant....

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.... Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 20. 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 suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of 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 ....