TaxTMI 
TaxTMI 
2022 (5) TMI 872
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....imited to initiate the Corporate Insolvency Resolution Process ("CIRP" in short) of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying the Operational Debt of Rs. 2,13,69,379/-. 2. The Operational Creditor states that it has sold and supplied the Corporate Debtor the raw material for all types of finished temperature sensitive materials and machineries. It has raised various invoices against the Corporate Debtor for the period in between 06.09.2018 to 21.07.2020. According to the Operational Creditor, the Corporate Debtor did not pay the outstanding amount despite repeated demands. It has served on the Corporate Debtor a demand notice dated 24.07.2020 under Section 8 of the Insolvency and Bankruptcy ....
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....ditors. He also contended that some shareholders of the Operational Creditor have filed criminal complaints against Mr. Mayer. According to him, on these grounds, this application is not maintainable. 6. We perused the pleadings, evidence and material available on record. 7. We heard the Learned Counsel appearing for the parties. In view of above, only point arises for our consideration is as follows with our findings and thereon and reasons thereof: (i) Whether there is any pre-existing dispute in between the Operational Creditor and the Corporate Debtor pending about the quality of goods supplied - No. REASONS 8. There is no dispute to the fact that the Operational Creditor has sold and supplied certain types of goods....
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....e claimed that he is authorized signatory of the Operational Creditor. In support of his claim, he has produced number of documents. We perused all of them, including certificate of the origin of the Operational Creditor at page no. 20. It discloses that the said Mr. Mayer is authorized signatory of the Operational Creditor. As against this, the Corporate Debtor came out with a defense that said Mr. Mayer is not authorized to file this application because of dispute in between the shareholders. However, no document is produced on record to show that Mr. Mayer's authority to sign the document and appearing on behalf of the Operational Creditor has been withdrawn by the Operational Creditor. 13. We have already made it clear that dispu....
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....oods. 15. Considering evidence and various emails on record, we hold that the Operational Creditor has successfully established that the operational debt of rupees one crore (as per the threshold limit provided under Section 4 of the LB. Code) is due and payable by the Corporate Debtor to the Operational Creditor and the Corporate Debtor, in-spite of receipt of demand notice did not pay the amount and has committed the default. There is no pre-existing dispute about the quality of goods or materials supplied. This application is free from defect. Hence, we allow the application admitting the Corporate Debtor in CIRP. 16. The Operational Creditor did not suggest the name of any Resolution Professional for the appointment of Interim Res....
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....urity Interest Act, 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. 2. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under Section 31(1) or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency & Bankruptcy Code, 2016, as the case may be. 3. The Operational Creditor has not proposed the name of IRP in the application, therefore we appoint Mr. Shivkumar Madanlal Baser having registration no. IBBI/IPA-001/IP-P-01263/2018-2019/120....