Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 471 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment - total debt due and payable - only contention raised is that the rates of transportation were much higher than charged by others and that there was connivance by some employees - HELD THAT:- There is no denial that they did not avail of the Operational Creditor's services for transportation. There is only a reference that charges were quite higher. However, there is no repudiation of the agreement dated 28.7.2015, 14.08.2015 and 01.06.2016 at any time - There is only an attempt to clutch at straws by saying that there was some connivance on the part of some of the Corporate Debtor's employees. However, even if this is accepted at face value, there may only be various other legal options for the Corporate Debtor to proceed against the employees in question. This would not have the effect of annulling the services provided by the Operational Creditor to the Corporate Debtor. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Application admitted - moratorium declared.
|