TaxTMI 
TaxTMI 
2021 (5) TMI 434
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....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 on 17.06.2013, having identification No. U74900WB2013PTC194754 and having registered office at Howrah, West Bengal, whereas, the respondent/corporate debtor is a private limited company registered on 31.07.2013 having identification No. U74999MP2013PTC048860 and having registered office at Indore, Madhya Pradesh. Authorised/paid up share capital of the respondent company is Rs. 10,00,000/-. 3. The brief fact of the case is that, the applicant supplied goods to corporate debtor as credit sales and cor....
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....uthority is only required to consider whether there is any default and the debt is due and payable. In the instant case, the applicant has placed on record enough documents evidencing the default and the respondent has admitted the debt due and payable to the applicant. Therefore, the present application deserves to be admitted. 9. On perusal of the record it is also found that the instant petition filed by the applicant is well within limitation and there is no preexisting dispute regarding the operational debt from the side of the corporate debtor. 10. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor commi....
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....t of time. That, Applicant is an Operational Creditor within the meaning of Section 5 sub-section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. 14. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Sec....
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....ets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 18. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution proces....