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TMI Blog2019 (7) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... Private Limited, under Section 9 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"]. 2. That, the applicant/operational creditor M/s. Bonus Plastics Private Limited is a registered private limited company, having its registered office at 42, Ashwamegh Industrial Estate, Behind Gati Courier, Changodhar, Dist. Ahmedabad is manufacturer and exporter of Synthetic Filament Yarn, narrow woven fabrics, polyester webbings etc. 3. That, the respondent/corporate debtor M/s. Gopal Polyplast Limited is a limited company incorporated under the Companies Act, 1956 on 11th June, 1984 and having its registered office at Plot No. 485, Santej Vadsar Road, Santej, Tal. Kalol, Dist. Gandhinagar, Gujarat State, having identifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of outstanding. 6. That, as the corporate failed to pay the amount, the petitioner filed the instant application before the Adjudicating Authority with an advance copy of the present petition which was received by the respondent on 27.10.2018. That, the copy of postal slip and postal track report are produced at page numbers 84 and 85. That, during the pendency of the present petition, respondent approached the petitioner for settlement and the parties had executed a settlement deed dated 27.12.2018 vide which the respondent agreed to make payment of Rs. 15,09,253/- in instalments spread over five months. That, the respondent made payment of two instalments totalling Rs. 6.00 lakhs but failed to make payment of remaining amount of Rs. 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the amount due to the Applicant from the Respondent is in respect of supply of goods. Therefore, the amount claimed by the Applicant from the Respondent is "operational debt" within the meaning of Section 5, sub-section (21) of the Code. The operational debt is due to the Applicant. Therefore, Applicant is an "Operational Creditor" within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, it is established that there exists debt as well as there is occurrence of default. 12. The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the Insolvency Resolution Process begins. Default is defined in Section 3(12) in very wide terms a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority directs the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and calls for submission of claims under Section 15 as required by Section 13(l)(b) of the Code. 15. The petition is therefore admitted and the moratorium is declared for prohibiting all of the following in ter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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