Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1550 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Debt or not - existence of debt and dispute or not - HELD THAT:- It is evident from the record of the Corporate Debtor that though the Corporate Debtor appeared before this Bench several times, the Corporate Debtor has not come forward with any defence stating that dispute is existing in respect to the payment payable to the Operational Creditor. The Corporate Debtor has not even filed reply or written submissions raising defence against the claim made by the Operational Creditor - Since it is an advance payment made by the Operational Creditor towards supply of sugar (goods) from the Corporate Debtor, it is to be construed as 'operational debt' relating to supply of goods, therefore, considering this claim as operational debt and there being no dispute in between the parties in respect to debt and default, this company petition is admitted by appointing Mr. Ajay S. Jain as IRP with a further direction to this Operational Creditor to pay remuneration of the IRP as well as other expenditure the IIRP incurs in discharging his/her duties until COC has been constituted by the IRP. Application admitted - moratorium declared.
|