TMI Blog2020 (2) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... g pending against the proposed Interim Resolution Professional - Accordingly, we are satisfied that the Operational Creditor has succeeded in proving the default of an unpaid operational debt by the Corporate Debtor and complied of all the requirements to be meted out under Section 9(5) of the Code. Application admitted - moratorium declared. - CP (IB) NO. 37/KB/2019 - - - Dated:- 8-11-2019 - Jinan K.R., Judicial Member And Harish Chander Suri, Technical Member Arnab Dutta, Adv. for the Appellant. ORDER Jinan K.R., Shri Sanjay Agarwal, Partner of Sri Laxmi Agro Products/ Operational Creditor, filed this application under Section 9 of the Insolvency Bankruptcy Code, 2016, read with Rule 6 of the Insolvency Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... several occasions, demanded the amount. However, the Corporate Debtor committed default in payment. Therefore, the Operational Creditor is entitled to realise the amount along with interest @ 12% per annum. The total outstanding amount due with interest, as on the date of filing of the Application, is ₹ 10,43,045/- (Rupees Ten Lakh forty three thousand forty five only). The Corporate Debtor, having failed in clearing the debt due to the Operational Creditor, the Operational Creditor issued demand notice under Section 8(1) of the Code in Form 3 dated 30-11-2018 through Speed post, which was duly received by the Respondent/Corporate Debtor on 15-11-2018. No reply from the Corporate Debtor was received by the Operational Creditor. The A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the invoices, the total unpaid amount comes to ₹ 7,83,228/- (Rupees Seven Lakh eighty three thousand two hundred twenty eight only). 6. The Ld. Counsel, however, failed to convince us that there is a contract either oral or in writing, making the Corporate Debtor liable to pay interest @ 12% per annum, as claimed by the Operational Creditor. This Application is not an Application filed for recovery of money found due from the Corporate Debtor. The purchase order, annexed at page 29 and the invoices annexed from pages 30 to 43, does not enable us to hold that there is any agreement to pay interest to the tune 12% per annum, as claimed by the Operational Creditor. On the other hand, the supporting documents produced on the side of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional debt by the Corporate Debtor and complied of all the requirements to be meted out under Section 9(5) of the Code. 8. In view of what is stated above, this Application is liable to be allowed. Accordingly, the Application is allowed by admitting under Section 9 of the Code, upon the following among :- ORDERS (i) The application filed by the Operational Creditor under Section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. GM Agro Allied Pvt. Ltd., is hereby admitted. (ii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (viii) Mr. Ajay Kumar Agarwal, Insolvency Professional, an Insolvency Professional, registered with IBBI, having registration number IBBI/IPA-002/IP- N00608/2018-2019/11859, E-mail ID :cs.aaa.2014@gmail.com, Mobile No. 9883362775, is hereby appointed as Interim Resolution Professional by this Tribunal for ascertaining the particulars of creditors and convenin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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