9911796707
TMI Blog2018 (1) TMI 442X X X X Extracts X X X X X X X X Extracts X X X X ..... is due in relation to the goods supplied by the Operational Creditor to the Corporate Debtor commencing from 31.05.2016 till 06.08.2016. It is averred by the Operational Creditor that the Corporate Debtor is engaged in the business of skin care products and in the course of business carried on by the Corporate Debtor, the Operational Creditor had supplied Neem Face Wash, Papaya F/Scrub, Lacto D Tan Cream and such other products which go into the manufacture of skin care products. The supplies were made against orders placed by the Corporate Debtor from time to time and the supplies were effected as per the Buyers Orders placed by the Corporate Debtor as evidenced by the dispatch documents subsequent to which invoices have also been raised f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven any notice relating to a dispute within the meaning of Section 8(2) of IBC,2016 in connection with the unpaid operational debt and the said affidavit is dated 31.07.2017. 3. Ld. Counsel appearing for the Operational Creditor also pointed out that in terms of Section 9(3)(c) of IBC, 2016 a certificate from the bankers in relation to the unpaid Operational debt has also been produced wherein it has been stated that a sum of Rs. 10,78,372/- from the Corporate Debtor has not been received to the account of the Operational Creditor. Ld Counsel for the Operational Creditor further points out that even as per the financial statements for the year ending 31.3.2015, it is seen that the Company is suffering a loss to the extent of Rs. 13,08,192/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances the matter was ultimately heard, in the absence of the Corporate Debtor, by this Tribunal on 10.10.2017 and the facts as narrated above were brought forth as filed before this Tribunal by the petitioner's counsel correlating the facts with typed set of documents filed along with the Application. The Operational Creditor to establish that the Corporate Debtor is indeed a corporate entity has filed a copy of Certificate of Incorporation as Annexure-5 and the charter document of the Corporate Debtor as Annexure-6, a perusal of which disclose that the Corporate Debtor has been incorporated for the purpose of carrying on the business of manufacturing skin care products. It is further seen that Annexure-4 of the typed set of documents filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor for the material/goods which have been supplied and which also has a direct correlation to the input to output of the products manufactured by the Corporate debtor and in the circumstances it is seen that the Petitioner satisfies the definition of an Operational Creditor as defined in Section 5(20) of IBC,2016 and that the debt in default arising out of a commercial transaction is an operational debt as defined under Section 5(21) of IBC, 2016. Further, it is also seen that the registered office of the Company is situated within the territorial jurisdiction of this Tribunal and that the amount in default and claimed is also in excess of Rs. 1,00,000/- which is the minimum threshold amount specified in order to maintain an appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." However during the pendency of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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