TaxTMI 
TaxTMI 
2022 (1) TMI 570
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....983PLC035920) having its Registered office at No. 10/27, Guha Road, P.O. Ghusuri, Howrah-711107, West Bengal (hereinafter referred as the Corporate Debtor). 3. It is submitted in the application that the Corporate Debtor is, inter alia, engaged in the business of Boiler Quality Steel Plates, Alloys Plates and other related products and has authorized share capital of Rs. 50,00,000/- (Rupees Fifty Lacs only) and paid up share capital of Rs. 24,00,000/-. It is submitted that the Operational Creditor is, inter alia, engaged in the business of supplying, distribution and trading of Alloys Steel Bar and other related products. 4. It is submitted that the Operational Creditor supplied Alloys Steel Bar/Round and raised invoices amounting to Rs. 8,74,459/- for sale made on 18th July, 2018 to 25th July, 2018 upon the Corporate Debtor and against the outstanding amount, the Corporate Debtor has made payment of Rs. 2,00,000/- to the Operational Creditor on 6th April, 2019 leaving an outstanding balance of Rs. 6,74,459/- plus 18% interest. It is further submitted that after making the said payment, the Corporate Debtor defaulted in making further payment in spite of several requests and ....
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.... petition. v. Copy of the Ledger Account maintained by Marotia Steel Traders Limited pertaining to the Account of S.B. Ispat India Private Limited is annexed as Annexure-E to this petition. vi. GST B2B invoices are annexed as Annexure-F to the petition. vii. Copy of the Bank Statements of Operational Creditor is annexed as Annexure-G to the petition. viii. Copy of the Form 3 Demand Notice along with track report and postal receipt is annexed as Annexure-G (colly.) to the petition. ix. Affidavit under section 9(3)(b) & (c) of the Code". 9. It is submitted that when the notice was issued to the Corporate Debtor by this Adjudicating Authority, the Corporate Debtor filed its reply affidavit through Mr. Bikash Sharma, one of the Directors of the Corporate Debtor, submitting reply affidavit that the application is not maintainable in law and in facts, and it is liable to be rejected in limine because no proceedings could have been instituted under the IBC. 10. It is further submitted by the Corporate Debtor that the application is not filed in accordance with the forms prescribed under the said Code and the various Rules, Regulations and....
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...., they should demonstrate such repayment by sending it to the Operational Creditor within 10 days of receipt of the Demand Notice. 13. For the purpose of deciding this issue, Section 8(2) of the IBC is relevant and reproduced as under:- "8. Insolvency resolution by operational creditor-(1)............... (2) The corporate debtor shall, within a period of ten days of the receipt of the demand notice or copy of the invoice mentioned in sub-section (1) bring to the notice of the operational creditor- (a) existence of a dispute, [if any, or] record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute; (b) the [payment] of unpaid operational debt- (i) by sending an attested copy of the record of electronic transfer of the unpaid amount from the Bank account of the corporate debtor; or (ii) by sending an attested copy of record that the operational creditor has encashed a cheque issued by the corporate debtor". 14. Since the Corporate Debtor has not responded to the said notice and has not given any proof of existence of any dispute or payment made ....
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....owing: a) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v) The supply of essential goods or services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. ....