TaxTMI 
TaxTMI 
2022 (5) TMI 869
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.... read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against Captivate Foods Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is private limited company, incorporated under the provisions of the Companies Act, 1956 registered with Registrar of Companies, Bangalore with CIN: U24290KA1985PTC007056 and its registered office is located at: Plot No. 2nd Cross Jigani Industrial Area, Anekal Taluka, Jigani, Karnataka-562106. The Applicant is engaged in the business of manufacturing of flavours and scents for foods. 3. The Corporate Debtor is a Private Limited Company, incorporated under the provisions of the Companies Act, 2013, duly registered with Registrar of Comp....
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....perational creditor it is clearly mentioned that the payment shall be cleared within 30 days from the date of receipt of the said invoice. The amounts in various bills have fallen due on different dates. The copies of lorry receipts showing that the material was duly delivered along with the invoices are annexed with application. 7. The applicant submitted that when the corporate debtor failed to make payment, the applicant sent the demand notice dated 07.11.2017. After receipt of the demand notice the corporate debtor approached the applicant and assured to make payments at the earliest. But the corporate debtor failed to pay to the applicant. 8. It is submitted that applicant awaited payments for more than a year but no payment was ....
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....te Debtor. 13. The Registered Office of the Corporate Debtor is situated in Rajkot and therefore this Tribunal has jurisdiction to entertain and try this Application. 14. As per the Part IV of Form 5 of the Application the date of default is mentioned as 20.08.2017 & the present Application is filed in July 2019. Hence the debt is not time barred and the Application is filed within the period of limitation. 15. It is apparent from the records that the Corporate Debtor has failed to make payment for the goods received from the Applicant and despite the issuance of notice under Section 8 of the Code by the Applicant, neither the payment was made by the Corporate Debtor nor any notice of dispute was sent by the Corporate Debtor. There....
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....solution Process for Corporate Persons) Regulations, 2016 within a period of one week from this order. 19. As a consequence of the Application being admitted in terms of Section 9(5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate Debtor prohibiting all of the actions mentioned under Section 14(1)(a) to (d). However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall remain in force. 20. We direct the Applicant to deposit a sum of Rs. 2,00,000/- with the Interim Resolution Professional, namely Mr. Atul Jashwantrai Sheth to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of....