TMI Blog2020 (3) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... for an amount of ₹ 15,60,600/- and the operational creditor made payment of said invoice via RTGS on 30th April, 2015, whereas, closer order was issued by the Gujarat Pollution Control Board (GPCB) on 08.06.2015 i.e. much after receipt of the advance payment by the operational creditor/applicant. Under such circumstances, the plea raised by the corporate debtor that due to closer order of GPCB, the corporate debtor could not supply the ordered goods is not justifiable - the operational debt has fallen due on 30.04.2015 and the petition is filed on 19th December, 2017, the petition is well within limitation. On perusal of the record it is found that the petition is complete in all respect. The petitioner is able to establish that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/-. The corporate debtor is popularly known as Shipra Agrichem Private Limited. 4. The applicant/Petitioner has submitted that the corporate debtor is engaged in the business of production of Sebacic Acid. That, sometime in April, 2015 the operational creditor had placed an order on the corporate debtor for supply of 5000 kgs. of Sebacic Acid and pursuant to the said order the corporate debtor issued an invoice dated 25th April, 2015 for an amount of ₹ 15,60,600/- copy of which is kept at Page No. 22 to the application marked as Annexure A. That, on 30th April, 2015 the operational creditor, in order to execute the said order, transferred the said invoice amount via RTGS to corporate debtor's bank account with Bank of Mahar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total amount of claim i.e. principle + interest comes to ₹ 22,62,870/- (Rupees twenty-two lakhs sixty-two thousand eight hundred seventy only). 6. In support of its claim, the petitioner has submitted copy of the following documents: - Sl. No. Particulars Page No. 1 Demand notice dated 04.10.2017 14-40 2 Statements for the last four months from July to October, 2017 from Bank of the operational creditor confirming that no payment of operational debt has been made by the corporate debtor 41-45 3 Affidavit in support of application for initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the petitioner company is not secured debts and even not entitled to resolution for the said debts since the bank have first and exclusive charge over the said property, the question of appointment of any IRP does not arise. Findings 8. Heard learned lawyer appearing for both the sides, also seen the documents annexed to the application and the reply filed by the corporate debtor. 9. On perusal of the records it is found that having failed to get the outstanding payments from the respondent, the applicant was compelled to issue demand notice under section 8 of I B Code on dated 23.07.2019. Record also shows that the respondent has not raised any reply/dispute against the demand notice so issued by the applicant. 10. On peru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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? If any of the aforesaid conditions is lacking, the application would have to be rejected. 13. Thus, under the facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment 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 it fulfilled the requirement of I B Code. Application is complete in all respect. That, no dispute has been raised by the respondent at any point of time. Since the advance is paid against ava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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