Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 51 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI BENCHCorporate Insolvency process - default in payment of claimed amount - HELD THAT:- From the definition of “Operational creditor” and “Operational Debt”, it can be seen that the applicant has supplied goods to the respondent company and therefore clearly comes within the definition of Operational Creditor Similarly the claim of outstanding payments to applicant comes within the definition of Operational Debt. There being default in payment of claimed amount, and the respondent has failed to establish the fact that there is a pending dispute between the parties, such application deserves to be admitted for triggering Corporate Insolvency Resolution Process against the respondent corporate debtor. We are satisfied that the present application is complete and there has been default in payment of dues by the respondent. Therefore, on fulfilment of the requirements of section 9(5)(i)(a) to (d) of the Code, the present application is admitted. In pursuance of Section 13(2) of the Code we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Regulations) with regard to admission of this application under Section 7 of the Code.
|