TaxTMI 
TaxTMI 
2022 (7) TMI 100
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....as the Corporate Debtor). 3. It is submitted in the petition that the Operational Creditor had supplied Fabrics in terms of the specifications and various purchase orders placed by the Corporate Debtor and accordingly Invoices and Challans were raised by the Operational Creditor. The Corporate Debtor has agreed and confirmed to make 100% payment of Invoices within 60 days of credit period from the date of Invoices so issued. Copies of the Purchase Orders placed by Corporate Debtor and the copies of Unpaid Invoices, Challans and Monthly Billing Statements, placed by Operational Creditor upon Corporate Debtor are collectively annexed as Exhibit "C" and "D". 4. It is further submitted that based on the said Purchase Orders placed and in accordance with the terms thereof, the Operational Creditor duly supplied the ordered goods to the Corporate Debtor, which were duly acknowledged by issuing receipt of the goods supplied by the Operational Creditor but the Corporate Debtor failed to make the payments of Invoices within agreed period of 60 days. Reminders were given by the Operational Creditor to the Corporate Debtor for non payment beyond 60 days window in terms of the purchase order....
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....es made to the Corporate Debtor, which is marked as Exhibit-I. 10. The Operational Creditor has enclosed various documents in support of its claim, which are as under:- i. Copies of Purchase Orders issued by Corporate Debtor. ii. Copies of Unpaid Tax Invoices, Challans and Monthly Billing Statements raised by Operational Creditor upon Corporate Debtor in terms of supply of the ordered goods placed by the Corporate Debtor. iii. Copies of email exchanged between the parties concerned. iv. Copies of Ledger Statements for the period from 01104/2015 to 3Affinyg. v. Copy of the ledger statement of the corporate debtor received via email dated 27/07/2018. vi. Copy of the Form 3 Notice under the Code demanding payment from the Corporate Debtor. vii. Copy of the Bank Statements. 11. On being served with the notice of the court, the Corporate Debtor has filed its reply affidavit. In the reply affidavit one of the Directors of the Corporate Debtor submitted that the Corporate Debtor is reputed export company to export various leather goods items to various International companies with proper licence/registration from the concerned authorities and also other formalities ....
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.... 17. It is submitted that the Corporate Debtor agreed and confirmed to make 100% payment of invoices within 60 days of credit period from the date of invoices so issued. The Corporate Debtor duly acknowledged the receipt of the goods supplied by the Operational Creditor.It however, failed to make the payments of invoices within agreed period of 60 days. The Corporate Debtor never raised any demur and/or protest after receipt of the goods from the Operational Creditor and appropriated the same.It is submitted that after repeated requests and reminders, the Corporate Debtor only made part payment of a meager sum to the Operational Creditor and the balance amount of Rs.6,33,520/- remained unpaid. The total operational debt was initially Rs.6,33,520/- along with interest @ 18% per annum total amounting to Rs.7,66,978.50/-.However, after filing the present application under section 9 of the Insolvency and Bankruptcy Code, the Corporate Debtor returned some unused items worth Rs. 99,987/- to the Operational Creditor. Therefore, the present amount of operational debt amounts to Rs.5,33,533/- along with the interest @ 18% per annum and the total amount due with interest is Rs.6,66,991.50/....
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....ion filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I & B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: 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 ....