TaxTMI 
TaxTMI 
2019 (4) TMI 1975
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....fice at 12/1 Magnet Corporate Park, Behind Intas Pharmaceuticals, Thaltej Hebatpur Road, Ahmedabad 380 054 (Gujarat) is engaged in the business activity to provide services in Creative Media. 3. That, the respondent/corporate debtor M/S. Digjam Limited is a company incorporated under the Companies Act, 1956 on 17th June, 2015 and having its registered office at Aerodrome Road, Jamnagar 361 006, Gujarat State having identification No. L17123GJ2015PLC083569. That, authorised share capital of the corporate debtor is Rs. 1,25,05,00,000,00 and paid up share capital is Rs. 92,64,16,210,00. 4. It is submitted by the applicant that the respondent company approached the applicant for providing services as integrated communication solution prov....
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.... by the applicant that despite due service of demand notice dated 23.08.2018, no payment of outstanding debt is received neither any notice of dispute is communicated to the applicant. That the debt has fallen due w.e.f. 08.08.2014. 6. The applicant submitted copy of the following documents in support of his claim: - Sr. No. Particulars Page Nos. 01 Letter dated 05.09.2018 giving authorisation to initiate le al action against corporate debtor. 21-22 02 Form - 2 written communication by proposed interim resolution professional 23-24 03 Declaration of registration of Hindu Undivided family registered under the provisions of the Finance Act, 1994 25 04 Details of DIGJAM obtained from the web portal ....
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....ppearing on behalf of the respondent filed an affidavit in reply wherein it is categorically stated that the corporate debtor has been severely affected due to working capital constraints and lack of financial liquidity which has also resulted in substantial losses in recent years. That, the corporate debtor by way of affidavit also 9. admitted the liabilities exceeding current asset by Rs. 94.38 crores as on 31.12.2018. 9. On perusal of the record it is found that the applicant has annexed to the application invoices for the period from 01.08.2014 to 01.03.2017 for the services rendered to the respondent. On perusal of the bank statement it is found that respondent has never made any payment towards the services rendered by the applican....
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....hat the amount due to the Applicant from the Respondent is in respect of Service provided to the respondent. The application is admitted to the extent of bills raised from 12.11.2015 to 01.03.2017. The amount claimed by the Applicant from the Respondent is "operational debt" within the meaning of Section 5, sub- section (21) of the Code. The operational debt is due to the Applicant. Therefore, Applicant is an "Operational Creditor" within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, it is established that there exists debt as well as there is occurrence of default. 11. That, the Application filed by the Applicant is complete in all respects. That, record show that the notice issued by t....
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....uired by Section 13(1)(b) of the Code. 13. 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 by the corporate debtor in respect of its property inclu....