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2019 (10) TMI 416

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..... ish that there exists debt as well as occurrence of default - the Application filed by the Applicant is complete in all respects. Thus, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code - petition admitted - moratorium declared. - CP (IB) NO. 217/9/NCLT/AHM/2018 - Dated:- 19-6-2019 - MR. HARIHAR PRAKASH CHATURVEDI MEMBER (J) AND MS. MANORAMA KUMARI, MEMBER (J) For The Applicant : Advocate Mr. Adityasinh Parmar for the Applicant ORDER Per : Ms. Manorama Kumari, Member.( Judicial) 1. That, the instant application is filed by Ms. Anjana Dhanpatraj Mehta, under Section 9 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as the Code ] read with Rule 6 of t .....

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..... ,600/- (Rupees sixteen lacs forty-nine thousand six hundred only) became due and payable on the part of the corporate debtor to the operational creditor. That, the debt fell due from 16.04.2016 to 15.01.2017. That, ledger account of the amount payable by the corporate debtor to the operational creditor is annexed with the application marked as Annexure B . 5. The applicant has submitted copies of the following documents in support of the claim:- Sr. No. Particulars Annexure No. Page No. 01 Ledger account maintained by operational creditor B 7 02 Leave and license agreement C 11-31 03 Statutory notice served upon the corporate debtor by operational creditor D 32-36 04 Legal notice in Gujarati served upon the corporate debtor by operational c .....

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..... Law of United Nations Commission on International Trade Law. One of the things the Legislative Guide spoke about was whether the debt is subject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. 11. Thus, under the facts and circumstances and 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 ledger at page Nos. 8 to 10 to the application. That, service is complete and no dispute has been raised by the respondent. That, Applicant is .....

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..... 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. 16. 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 action to f .....

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