9911796707
TMI Blog2019 (5) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... vency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"]. 2. The claim of the Petitioner is that Corporate Debtor, namely Oasis Tradelink Ltd., approached the Operational Creditor for displaying its oil advertisements by hiring advertising hoarding space from the Operational Creditor as per the terms and conditions mentioned in the agreements entered into between the petitioner, the Operational Creditor and the respondent, the Corporate Debtor and the Operational Creditor raised invoices on the Corporate Debtor for display of advertisement across the State of Gujarat. 3. Chitra Publicity Company (OOH) Gujarat, hereinafter referred to as "Operational Creditor" is into the business of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amounts due and payable by the Corporate Debtor. A copy of the Ledger Account of the Corporate Debtor in the books of Operational Creditor is annexed with the application and is marked as Annexure D (Colly) Page 48 and 49. 3.4 It is further stated in the petition that since 2017, the Oasis Tradelink Limited started defaulting in making payment and the outstanding started mounting and as on 01.07.2018, the principal outstanding amount to be recoverable from Oasis Tradelink Limited rose to Rs. 51,75,393/- (Rupees Fifty-One Lakhs Seventy-Five Thousand Three Hundred Ninety-three only). After an oral assurance, a meagre amount of Rs. 50,000/- (Rupees Fifty Thousand only) was lastly paid on 21.07.2018. Therefore, as on date, the principal am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion on 12.09.2018. This Adjudicating Authority vide order dated 12.09.2018 directed the Petitioner to inform the date of hearing to the Corporate Debtor. The Adjudicating Authority also directed the Registry to serve the notice of date of hearing on the Respondent along with the copy of the order under acknowledgement and file the proof of service. Accordingly, the Petitioner sent notice to the Corporate Debtor on 20.09.2018 informing the date of hearing and filed proof of despatch of the notice of hearing to the Corporate Debtor by RPAD. The Registry also sent the notice of date of hearing on the Respondent along with the copy of the order under acknowledgement on 18.09.2018 and filed the proof of the same showing the notice of hearing has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and the Respondent, Invoices, details of transactions, copies of statements of Bank accounts of Dena Bank clearly establish the occurrence of default. 9. As far as existence of dispute is concerned, the Respondent in its written submissions has mentioned about dispute but has neither annexed with its submissions, copy of the dispute nor deliberated the dispute in its submissions. The existence of dispute has been mentioned in the written submissions in a very casual manner. It is the considered view of this Bench that had the dispute in existence; the Corporate Debtor would have communicated the same to the Operational Creditor, when the Demand Notice in Form 3 was served upon him. The Corporate Debtor did not raise this issue during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he following as laid down in Section 14 of the Code; (i) the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
