Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 132 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Operational debt within the meaning of Section 5, sub-section (21) of the Code - existence of Debt or not - Service of notice on Corporate debtor - HELD THAT:- The respondent is having knowledge of pendency of the case as the respondent has made part payment during pendency of the application as also refused to accept the notice sent by the applicant. That, despite repeated efforts by the applicant the respondent has neither come forward for settlement nor appeared before the Bench. That, the records available shows that the amount due to the Applicant from the Respondent is in respect of supply of goods. Therefore, the amount claimed by the Applicant from the Respondent is operational debt within the meaning of Section 5, sub-section (21) of the Code. The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. Petition admitted - moratorium declared.
|