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2019 (10) TMI 415

..... w that operational debt is due to the Applicant and in support of that operational creditor has placed copy of the invoices at page No. 11 to 20 to the application. That, there is/are no existing dispute raised by the respondent at any point of time nor there is any proceeding pending viz. suit or arbitration between the parties in any Court of Law. The 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. Application admitted - moratorium declared. - C.P. (I.B) No. 229/9/NCLT/AHM/2019 - 14-6-2019 - MS. MANORAMA KUMARI, MEMBER (J) For The Applicant : Advocate Mr Nilesh Uderani For The Respondent : Advocate Mr. Parth Shah ORDER 1. That, th .....

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..... 02.2017, as per the computation provided in Annexure - 1 to the application. 5. It is further submitted by the applicant that despite vigorous follow-up and deliberations, the corporate debtor has not paid the outstanding dues and, therefore, the applicant was compelled to issue demand notice dated 23.02.2019 calling upon the respondent to clear the dues within ten days. That, copy of demand notice as well as copy of proof of receipt of demand notice is provided as Annexure 3 & Annexure 4 to the application respectively. 5.1 The applicant has submitted copies of the following documents in support of the claim:- Sr. No. Particulars Annexure No. Page No. 01 Table showing particulars of debts 1 5 02 Statement of bank account showing paymen .....

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..... the name of the respondent and as a result of the same the said crunch has disrupted the operations of the respondent temporarily. That, though the respondent is ready and willing to pay the amount due the fact remains that the respondent is at present not in a position to pay and clear the amount due and payable to the operational creditor. 7. The respondent has further submitted that, the respondent has made best of its efforts to revive the respondent company and for the purpose, the respondent shall take at least a period 12-14 months and it will be only subsequent to the successful revival it will be able to clear and pay off its debts to its creditors. That, the Adjudicating Authority may pass an order as it may be deemed fit and prop .....

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..... ubject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. 12. Thus, under the facts and circumstances as discussed above, in the light of the Hon ble Supreme Court Judgement and the provisions thereof as enshrined in Insolvency & Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant and in support of that operational creditor has placed copy of the invoices at page No. 11 to 20 to the application. That, there is/are no existing dispute raised by the respondent at any point of time nor there is any proceeding pending viz. suit or arbitration between the parties in any Court of Law. That, all the bills raised by the applicant on t .....

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..... ution 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. 16. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 17. 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, tribun .....

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