TaxTMI 
TaxTMI 
2021 (5) TMI 211
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....Sanghvi Movers Limited (hereinafter referred to as "Operational Creditor") for initiation of Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Hava Win India Private Limited (hereinafter referred to as "Corporate Debtor") on the ground that Corporate Debtor defaulted in payment of an amount of Rs. 42,02,000/- together with interest at the rate of 24% per annum as on 27.09.2019 towards claim for an Operational Debt. This application was filed on 07.02.2020. At that relevant point, this Adjudicating Authority had jurisdiction to entertain 'debt' of rupees one lakh and above. 2. In Part-IV of the application, the learned counsel for the Applicant submits that the Applicant Company is carrying on business of supply....
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....,000/- (on 26.05.2019, 26.06.2019 and 27.06.2019) towards outstanding debt. Statement of Account by Saraswat Bank showing that no credit has been received during the period from 28.06.2019 is placed at page 34. The Operational Creditor had sent e-mail on 29.08.2019 demanding repayment of balance outstanding amount of Rs. 42,02,000/-. The Corporate Debtor has neither responded nor paid the debt due. On 05.10.2019, the Operational Creditor had issued Demand Notice and the same was received by the Corporate Debtor on 08.10.2019 as reflected in the postal acknowledgement filed. The Operational Creditor was maintaining a running account in respect of invoices raised against the Corporate Debtor and the last invoice raised by the Operational Cred....
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....part payment of Rs. 13,00,000/- towards invoice dated 07.08.2019. 7. It is further submitted that it is mandatory to prepare the Log Book on daily basis and the first log book was prepared by the operational creditor and it was authorized from our side on daily basis. Copies of Tax Invoice on 07.08.2019 along with Log Book for 3 cranes are enclosed at page. 12 to 17. Since the operational creditor had withdrawn crane before 16.07.2019, the corporate debtor was compelled to extend crane hiring for another 15 days from 16.7.2019 to 30.07.2019. On 29.08.2019, operational creditor had orally informed that they require hard copy of the work order with seal and sign after a gap of more than 15 days and it was sent on the same day by the corporat....
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....nd documents, it is clear that there is outstanding debt due and payable by Corporate Debtor to Applicant towards hiring charges of cranes. The terms and conditions in work order do not say that only if the cranes are put to use, the hiring charges shall be paid. Once based on work order, the equipment on rental basis is availed by respondent and also acknowledged by respondent, the respondent ought to settle the outstanding dues, irrespective of the fact whether the equipment was under utilisation or not. 11. Hence, based on discussion supra, 'debt' and 'default' is proved by the Applicant. 12. Accordingly, this application IBA/417/2020 stands admitted and consequently Corporate Insolvency Resolution Process is initiated.....
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....ery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent." 14. However, during the pendency of the moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder: "(1) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator." 15. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: "(3) The order of mor....