2022 (7) TMI 1035

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ity) Rules, 2016, seeking admission of the petition, initiation of Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon, contending that the Respondent defaulted in the payment of alleged debt of Rs. 3,00,50,089 (three crores fifty thousand and eighty nine only) 2. The averments in brief of the Application and rejoinder are that; (i) The Petitioner, herein after referred to as "Operational Creditor", is a Private Limited registered office in Hyderabad, is manufacturer and dealers in all kinds, classes, application specification, description and uses of dyes, industrial chemicals including rubber chemicals and....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e and payable by Corporate Debtor, If so, whether the Corporate debtor defaulted in payment of same?. 5. We have heard the Learned Practicing Company Secretary for the Operational Creditor Shri Sneha Agarwal and Learned Counsel for the Corporate Debtor, Shri C. Shilpa, perused the records and case laws. 6. A perusal of counter filed by Corporate Debtor shows that, the Corporate Debtor has not disputed the debt and only disputed the quantum of the debt. As per Section 5(6) of the code, "Dispute" includes a suit or arbitration proceedings relating to (a) the existence of the amount of debt; (b) the quality of goods or service; or (c) the breach of a representation or warranty; 7. Therefore as per a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (C) 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. (D) Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that th....