TaxTMI 
TaxTMI 
2021 (6) TMI 47
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....ing Authority) Rules, 2016, ["Rules" for short], by the Operational Creditor, viz., J.C. Enterprises Private. Limited, through its Authorized Signatory, Mr. Sanjay Jain, for initiating Corporate Insolvency Resolution Process (CIRP) in respect of Jainam Alternate Energy Private Ltd., (hereinafter referred to as Corporate Debtor). 2. The Petitioner-Operational Creditor is incorporated under the provisions of the Companies Act, 1956 having identification No. U24119UP2004PTC028551 and having registered office at Mathura, Uttar Pradesh. 3. The corporate debtor, i.e. Jainam Alternate Energy Private Ltd. is incorporated under the provisions of the Companies Act, 1956, on 12.12.2000 having identification No. U23209MP2000PTC014487 and having r....
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....ion is not maintainable. 8. It is further submitted by the respondent that while carrying out the quality checks the specification parameters of the product were found different from that of the actual requirement of the corporate debtor as density of the product was 0.950 kg/ltr. which was higher than what was prescribed while placing the purchase order. Findings: 9. Heard learned counsels appearing for both the sides and perused the documents annexed to the application/reply. 10. On perusal of the record it is found that against order dated 06.05.2019 the applicant had delivered the goods on 06th May, 2019 itself and all the invoices were raised on the same day. It is found that the respondent of its own had carried out analys....
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....n one hand the respondent kept on asking the applicant for certificate of analysis, whereas, on the other hand, the respondent has annexed copy of certificate of analysis at page No. 45 & 46 to the affidavit in reply. 12. On perusal of the records it is found that the respondent has claimed (page 33 to the reply) that the at the behest of the petitioner, transportation cost was paid by the respondent, whereas, copy of the purchase order dated 06.05.2019 (page 3 - Annexure II to the application) stipulate as under: "Terms & Conditions 1. GST - As applicable at the time of delivery of material will be extra. 2. Delivery Ex Mumbai. 3. Payment: Immediately after receipt of material. 4. Specificati....
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....ents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 18. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ (JP) 2 SC that while examining an application under Section 9 of the Act, will have to determine the following:- (i) Whether there is an "operational debt" as defined exceeding Rs. 1.00 lac (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with 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 betwe....
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....ays that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority direct the Interim Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 21. From the above stated discussion and on the basis of material available on record it is evident that the corporate debtor has committed default in payment of operational debt and, therefore, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 22. The petition is, therefore, admitted and the moratorium i....