2021 (11) TMI 470

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....reinafter called "Corporate Debtor") by invoking the provisions of Section 9 of Insolvency and Bankruptcy Code (hereinafter called the "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The brief facts of the petition are stated herein below: a. The present Petition arises out of the commercial transaction between the Operational Creditor and the Corporate Debtor. b. The Operational Creditors engaged in the business of trading of textile auxiliaries. On the basis of verbal orders placed by Corporate Debtor for supply of Textiles auxiliaries, Operational Creditor complied its order by supplying the required quantity to the Corporate Debtor (hereinafter referred to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 24.08.2019 234 10,697.67 12.04.2019 914 48,416.00 07.12.2018 48,416.00 06.01.2019 24.08.2019 230 7,322.09 12.04.2019 919 87,509.21 08.12.2018 87,509.21 07.01.2019 24.08.2019 229 13,176.73 12.04.2019 953 68,222.40 17.12.2018 68,222.40 16.01.2019 24.08.2019 220 9,868.88 12.04.2019 954 64,642.47 17.12.2018 64,642.47 16.01.2019 24.08.2019 220 9,351.02 12.04.2019 991 79,170.65 22.12.2018 79,170.65 21.01.2019 24.08.2019 215 11,192.34 12.04.2019 994 48,416.00 24.12.2018 48,416.00 23.01.2019 24.08.2019 213 6,780.89 12.04.2019 1007 48,416.00 28.12.2018 48,416.00 2....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 72,623.99 21.02.2019 72,623.99 23.03.2019 24.08.2019 154 7,640.44 12.04.2019 1285 114,442.90 02.03.2019 114,442.90 01.04.2019 24.08.2019 145 11,588.52 12.04.2019 1287 48,679.43 13.03.2019 48,679.43 12.04.2019 24.08.2019 134 4,641.22 12.04.2019 1328 121,039.97 16.03.2019 121,039.97 15.04.2019 24.08.2019 131 10,664.78 12.04.2019 1338 68,222.40 16.03.2019 68,222.40 15.04.2019 24.08.2019 131 5,876.47 12.04.2019 1352 14,424.47 20.03.2019 14,424.47 19.04.2019 24.08.2019 127 1,242.48 12.04.2019 1377 77,865.80 27.03.2019 77,865.80 26.04.2019 24.08.2019 120 6,502.33 12....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ix paise Only) along with interest at the rate of 24% p.a. from the date of default i.e. due date of each invoice till the date of actual payment. d. Therefore, the Operational Creditor is entitled to interest of Rs. 3,46,479.08/- (Rupees Three Lakhs Forth Six Thousand and Four Hundred and Seventy Nine and Eight paise Only) up to 24th August 2019 and further interest up to the date of actual payment @ 24% p.a. The total amount claimed to be in default comes to Rs. 39,87,345.74/- (Rupees Thirty Nine Lakh Eighty Seven thousand Three hundred Forty Five and seventy Four paise Only) upto the date of this application. e. The Corporate Debtor has failed to make any payment till date towards the aforesaid invoices. Various message....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... along with other relevant documents which are annexed to the company petition and successfully demonstrated the existence of debt and default. Since the corporate debtor remained ex-parte, the claim of the Operational Creditor remained unchallenged. To add this the subject matter of the invoices relates to 2018 and the company petition being filed on 17.01.2020 is well within limitation. The petitioner has also suggested the name of proposed Interim Resolution Professional in part-3 of the Petition along with his consent letter in Form-2. 5. After hearing the counsel appearing for the Operational Creditor and upon perusing the material available on record this bench is satisfied that the above company petition fulfills all the necessary....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rest 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 apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (g) That the order of moratorium ....