TMI Blog2019 (7) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... e Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. The Application filed by the Applicant is complete in all respects - it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. Petition admitted. - C.P. (IB) No. 26/9/NCLT/AHM/2019 - - - Dated:- 29-5-2019 - MS. MANORAMA KUMARI, MEMBER (J) For The Applicant : Mr Salil M. Thakore For The Respondent : Mr Aditya C. Yagnik, Adv. and Ms. Jayoni B. Shah ORDER 1. That, the instant application is filed by Mr. Shalab Srivastava, authorised representative of the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hundred twenty-five only) towards interest calculated at the rate of 18% per annum on the outstanding invoice amount from the due dates until 25.08.2018. That, the details of the transactions on account of which the operational debt fell due are stated in the affidavit in support of the application. 5. The applicant has submitted copy of the following documents in support of his claim: - Sr. No. Particulars Page Nos. 01 Company master data of the respondent as available on the website of the MCA 17-18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Invoice No. 0147, dated 16.04.2018 raised by the applicant on the respondent along with documents evidencing dispatch and delivery of the goods. 57-62 9. Invoice No. 0233, dated 25.4.2018 raised by the applicant on the respondent along with documents evidencing dispatch and delivery of the goods. 63-68 10. Invoice No. 0308, dated 05.05.2018 raised by the applicant on the respondent along with documents evidencing dispatch and delivery of the goods. 69-73 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n a position to repay the outstanding debt. 7. Heard the arguments of the learned lawyers appearing for both the sides. Findings: 8. On perusal of the material available on record it is found that the respondent has admitted its inability to clear the overdue payment. That, during the course of hearing also Learned lawyer appearing on behalf of the respondent fairly admitted that the respondent company is not in a position to pay the debt amount. The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of (sub-section (20) of Section 5) of the Code. From the aforesaid material on record, petitioner is able to establish that there exis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 15. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of 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 actio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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