TaxTMI 
TaxTMI 
2020 (1) TMI 1519
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....ebtor is a private limited company registered on 25.11.2013 having registration No. U51909GJ2013PTC077606 having its registered office at Bhavnagar, Gujarat state. Authorised share capital of the respondent company is Rs. 8,50,00,000/- and paid up share capital is Rs. 8,50,00,000/-. 4. The applicant/Petitioner has submitted that as per the sale contracted dated 01.03.2016 entered between the applicant and the corporate debtor, the applicant had supplied metal scrap material to the corporate debtor through shipment from Poland to Nhava Sheva Port in India and for the same the applicant had issued invoices. That, the said invoices were duly received by the corporate debtor without raising any dispute/objection. 5. The operational creditor has further stated that in spite of repeated requests and reminders the corporate debtor neglected and avoided to pay the outstanding due amount of CFR value02,17,682.10 (US dollars two hundred seventeen thousand six hundred eighty-two and ten cents only). That, the applicant is entitled to interest @ 18% per annum on the said amount of CFR value from the due date of the said invoices till the date of actual payment. 6. The applicant has further ....
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....nt petition is filed without proper authority. 13. On perusal of the record it is found that the applicant company has duly passed a resolution in meeting of the Board of Directors on 04.12.2017, which has already been produced in the proceedings at page No. 39 whereby Mr. Pratik D. Shah is authorised as authorised representative of the petitioner to file company petition, Insolvency Petition etc. apart from other powers as required to proceed with applications or cases etc. Hence it cannot be said to be bad in law. 14. The second objection raised by the corporate debtor is that notice dated 11.12.2017 issued by the applicant does not qualify as a demand notice. 15. On perusal of the records it is found that the notice issued on 11.12.2017 by the applicant demanding the operational debt is supported by all the required documents like copy of sale contract, list of invoice and copy of invoices as contemplated and envisaged under the provisions of the Code. As per the provisions of the code, Section 8 read with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 either a demand notice in form 3 or a copy of invoice attached with a notice in ....
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....icant and the respondent, more so when there is nothing on record in writing showing that the applicant will not charge any interest for the payments delayed beyond due dates. Further, such statement itself is an admission on the part of the applicant that amount is due and payable to the petitioner but not the interest. 20. The respondent has denied having received metal scrap through bill of lading No. AMRUIN863194 or invoice No. PC/LF/101/16 carrying metal scrap. The appeal further states that, none of the documents referred to by the applicant evidence delivery of goods and the email correspondence produced by the applicant are misconceived and intentionally placed with the present petition. 21. On perusal of the records it is found that, prior to filing of the instant application, the respondent has never questioned about the delivery of goods in the communication made between the respondent and the applicant. That itself shows that the claim made by the respondent that no goods have been delivered to them is misleading, more so when all the documents like sales contract, tax invoice, bill of lading, packing list, certificate of origin, certificate of weight and declaration ....
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.... above stated discussion and on the basis of material available on rec6rd, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 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 Section 15 of the Code. Sub- section (2) of Section 13 says 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. 29. 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 proceedings against the corpo....