TMI Blog2020 (2) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... financial commitments. In such a situation the company has no alternative but to submit to resolution process. The applicant has filed an affidavit under section 9(3)(b) stating that no notice of dispute from Corporate Debtor is received - We are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application is admitted. Application admitted - moratorium as envisaged under the provisions of section 14(1) shall follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 2,19,89,300/- as per Master Data of the company. 4. It is the case of the applicant, that it is carrying on business of breeding, improving, developing, selling, importing, exporting, preparing, preserving, dealing and trading in all kinds of dairy products and poultry products. The Corporate Debtor is engaged in the business of export of basmati rice, non-basmati rice husk. It approached the Applicant for procurement of husk products in the month of March, 2017. Upon respective negotiations, the Corporate Debtor had placed an order on the Operational Creditor for the supply of the aforesaid material, Operational Creditor raised its first invoice on 30.04.2017. The Operational Creditor in good faith supplied the husk material t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 017 48,360/- 17 17.05.2017 01.06.2017 27,150/- Total 5,01,360/- 5. The Operational Creditor further states that, in spite of various requests made and reminders sent by the Applicant, the respondent did not reply nor made the payment of balance amount, i.e., ₹ 5,01,360/- (Rupees Five Lakhs One Thousand Three Hundred Sixty). 6. On failure to pay the outstanding dues by the Respondent, the applicant sent a demand notice dated 21.09.2018 under section 8 of the Insolvency and Bankruptcy Code, 2016, to the Corporate Debtor calling upon them to pay the outstanding paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that due to financial problems and hardship, the company is facing hardship and is not in a position to honor its financial commitments. In such a situation the company has no alternative but to submit to resolution process. 12. The applicant has filed an affidavit under section 9(3)(b) stating that no notice of dispute from Corporate Debtor is received. 13. The applicant has attached the copy of Bank statements issued by Punjab National Bank in compliance with the requirement of section 9(3)(c) of the IBC 2016. 14. In view of above, we are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of section 14(1) shall follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However, during the pendency of the moratorium period, terms of section 14(2) to 14(3) of the Code shall come in force. 19. The registry is directed to communicate a copy of the order to the Operational Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCR, New Delhi at the earliest but not later than seven days from today. The Registrar of Companies shall update his website by updating the status of 'Corporate Debtor' and specific mention regarding the admission of this application must be notified. 20. Copy of order be s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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