TaxTMI 
TaxTMI 
TaxTMI 
2021 (5) TMI 321
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....es Private Limited (hereinafter called as "Corporate Debtor") on the ground that the corporate debtor defaulted in payment of dues to the operational creditor by invoking the provisions of sections 8 & 9 of Insolvency and Bankruptcy Code (hereinafter called as "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The operational creditors are individuals who have given their office premises together situated at 504, Savoy Chambers, 5th Floor, Plot No. 17-C, Link Road Extension, Santacruz East, Mumbai - 400 054 along with two car parking spaces to the corporate debtor. The operational creditor in its petition alleged that a sum of Rs. 10,40,000/- is due and payable against the arrears of....
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.... Therefore, the creditor is not an operational creditor as defined under the Code. It was alleged that this petition has been filed for recovery of arrears of license fees and damages under the leave and license agreement. 6. The corporate debtor further stated that the claim with respect to recovery of rent amount is not maintainable as per the various judgements of NCLAT and Hon'ble Supreme Court. It was also submitted that in case of immovable property, default can be determined, on the basis of evidence. While exercising the summary jurisdiction, the adjudicating authority exercising its power under the Code cannot give finding regarding default in payment of lease rent, because it requires further investigation. FINDINGS 7. We h....
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....ansferred; Section 5(21): "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority; 9. Here, it has also become important to place reliance upon the judgment of the Hon'ble National Company Law Tribunal (NCLAT) in the matter of Anup Sushil Dubey vs National Agriculture Co-operative Marketing Federation of India Ltd. [Company Appeal (AT) (Insolvency) No. 229 of 2020), wherein it was held in paragraph 22 that: "22. Therefore, keeping in view, the observations made by the Hon'ble Supreme Court in Para 5.2.1 of M....
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....at the contentions made by the corporate debtor to the effect that the rent/license fee is not operational debt is incorrect. 11. In view of the above observations, it can be concluded that it is an admitted liability and that the documents submitted by the operational creditor are enough to establish the debt upon the corporate debtor and hence the contentions made by the corporate debtor cannot be relied upon. Also, they defaulted in repaying the debt amount which is more than the threshold of Rs. 1,00,000/- to each individual operational creditor. Hence, all the requisite conditions for admission of a petition under Section 9 have been found to be fulfilled and therefore, this petition deserves to be admitted. 12. The operational credi....
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.... alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (e) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (f) That the provisions of sub-section (1) of Section 14 shall not....