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2019 (9) TMI 589

..... rity) Rules, 2016 - corporate debtor not in a position to pay the said outstanding - HELD THAT:- On perusal of the material available on record it is also found that, the respondent has not raised any dispute against the claim and has admitted claim of the operational creditor by way of affidavit. This adjudicating authority is of the considered view that operational debt is due to the Applicant. That, service is complete and no dispute has been raised by the respondent. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the 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 .....

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..... apital of the corporate debtor is ₹ 5,00,00,000/- and paid up share capital is ₹ 2,75,62,400/-. The respondent company is in the business of textile manufacturing. 4. It is submitted by the operational creditor that in accordance with the deed of assignment dated 14.03.2016 entered into between the operational creditor and corporate debtor an amount ₹ 3,09,55,708.00 (Rupees three crores nine lacs fifty-five thousand seven hundred eight only) has fallen due on 07.03.2019 and for recovery of said amount the operational creditor had issued notice dated 07.03.2019 followed by demand notice dated 22.03.2019 upon the corporate debtor. 5. It is further contended by the operational creditor that vide reply dated 22.03.2019, the co .....

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..... y of affidavit. 9. While examining an application under Section 9 of the Act, will have to determine the following: - (i) Whether there is an operational debt as defined exceeding ₹ 1.00 lac (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? 10. In view of the aforesaid discussions and before rejecting and/or admitting the application, we must refer to the legislation guide on In .....

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..... on to pass an 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. From the above stated discussion and on the basis of material available on record it is a fit cas .....

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