TaxTMI 
TaxTMI 
2021 (6) TMI 47
X X X X Extracts X X X X
X X X X Extracts X X X X
....ort], 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 registered office at Pithampur, Madhya Pradesh. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 analysis of the product on 09.05.2019 (Annexure "D" -page 45 to the r....
X X X X Extracts X X X X
X X X X Extracts X X X X
....icate 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. Specifications: Quality of material supplied should be strictly in accordance with our requirement. 5. Certific....
X X X X Extracts X X X X
X X X X Extracts X X X X
....te 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 between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational deb....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rim 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 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 ....