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 967 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Corporate Debtor defaulted in paying an amount of ₹ 57,26,667 against the invoices raised on 04.08.2011 and 08.08.2011 by the Operational Creditor towards supply of TMT Bars - HELD THAT:- As to operational debt, the consideration that goes to buyer is goods or services as the case may be, whereas the consideration comes to the seller or service provider is not the goods but money. That money value changes as time keeps running. It is understandable if goods of the same value come back, the creditor can sell the same in the market at the rate prevailing as on that day. In a situation like this, if value addition that accrues upon the money yet to be paid to such seller is not taken into consideration, it will become injustice. It may be said that since alternative remedy is available to have recourse before civil court, the creditor can proceed before civil court, because the creditor is not remediless. This argument or proposition remains right if any prohibition to claim interest by operational creditor is envisaged under the Code, as long as such prohibition is absent, the operational creditor obviously can claim interest as envisaged under Sale of Goods Act. As to material placed before this Bench, this Operational Creditor counsel having filed Purchase Orders, Invoices and the Acknowledgements reflecting that this debt is not barred by limitation and section 8 notice being served upon the debtor and the debtor having not disputed anything on the claim amount mentioned by the creditor, this Operational Creditor counsel has proved the existence of debt and default. Petition admitted - Mr. Karuppiah Muruganandan appointed as Interim Resolution Professional - Moratorium declared.
|