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2019 (10) TMI 416

..... w 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 an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. 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. 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 - 19-6-2019 - MR. HARIHAR PRAKASH CH .....

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..... t 721/1, Sector No. 7-B, Gandhinagar 382 007, Gujarat State, having identification No. U37200GJ2014PTC080098. That, authorised share capital of the corporate debtor is ₹ 10,000/- and paid up share capital is ₹ 10,000/-. 4. The applicant submitted that, the corporate debtor failed to pay licence fee regularly and, as on 15.12.2017, an amount of ₹ 16,49,600/- (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 .....

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..... ere 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 Insolvency 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 provisio .....

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..... ent 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 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 o .....

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