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TMI Blog2020 (3) TMI 1061X X X X Extracts X X X X X X X X Extracts X X X X ..... d the usage of the property situated at 60, Darshan Industrial Estate, Jo lava, Palsana, Surat along with Twelve Water Jet Machines lying at that premises. The registered office of the Petitioner is situated at 11, Shivdhara Shopping, Mansarovar Society, Vighag-IV, Yogi Chowk, Puna Gam, Surat - 395010 (Gujarat). The present Petition is filed through Shri Bharatbhai Ravjibhai Kapadiya, Proprietor of the Petitioner/ Operational Creditor to initiate Corporate Insolvency Resolution process with respect to the Corporate Debtor. 3. The Respondent/Corporate Debtor, namely H. Sharda Texfeb Private Limited was incorporated on 06.01.2012 with CIN: U17120GJ2012PTC068500. The authorised capital of the company is Rs. 25,00,000/- and the paid-up capital is Rs. 21,04,650/-. The registered office of the Corporate Debtor Company is situated at: Block No. 170, Plot No. 58, Darshan Ind. Estate, Village- Jolva, Taluka -Palsana, Surat -394305, Gujarat. 4. It is submitted by the Petitioner that a Contract was executed between the Petitioner and Respondent as on 01.04.2014 and as per the terms and conditions of the said Contract, the Petitioner has provided the usage of the property situated at 60, Dar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of Rs. 31,00,903/-. 7. It is submitted that the Petitioner requested the authorised person of the Respondent for the payment of the outstanding amount; however, the Respondent under one or other pretext avoided the payment of the outstanding amount. Hence, the Petitioner was constrained to issue legal notice on 13.10.2018. Accordingly, on receipt of the notice, Respondent requested for some time for payment of outstanding amount. It is also submitted that the Respondent has never disputed the said amount, which is evident from its reply dated 18.10.2018. 8. The Petitioner, to substantiate its claim, has attached following documents: - i. Copy of Contract dated 01.04.2014; ii. Copy of TDS Certificate in Form 26AS; iii. Copy of Calculation Sheet of the outstanding amount; iv. Copy of statement of accounts of the Respondent; v. Copy of Bank Statement for last year from Canara Bank showing that no payment has been received by the Petitioner. 9. The Operational Creditor issued notice under the rule 6 in Form 3 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, dated 29.10.2018 for an outstanding of Rs. 31,00,903.00 (Rupees Thirty O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s submitted that as per the ledger, an amount of Rs. 39,84,788/- is due and payable to the Petitioner by the Respondent, but there was no prior agreement regarding the payment of interest @18%. It is submitted that the Respondent admit the principal loan liability to the tune of Rs. 31,00,903/- to the Petitioner, however, dispute the amount of interest @18% mentioned in the application. Further, the Petitioner has specifically admitted the averments made in paras 4 & 5 of the application, except the averments made in paras 4.4, 4.9 & 4.13 of the application. 16.4 It is submitted that since the Respondent has not refused to make the payment to the Applicant and has sought some time for the payment, the CIRP cannot be initiated against the Respondent. 17. The matter was finally heard on 28.08.2019. During the arguments, the Learned Counsel for the Operational Creditor submitted that the Petition may be admitted and an Interim Resolution Professional appointed in accordance with the provisions of the section 16 of the Insolvency and Bankruptcy Code, 2016. Further, it is submitted that the petition may be admitted for initiating Corporate Insolvency Resolution Process as per section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted default in repayment of operational debt due to the Applicant Company. Respondent Company also did not raise any dispute regarding the existence of operational debt, quality of goods supplied etc. (f) The application filed by the Petitioner under section 9 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Therefore, the present IB petition is admitted with the following directions. 21. As per the provisions of sections 13 and 14 of the IB. Code on the date of commencement of insolvency, this adjudicating authority declares moratorium for prohibiting all of the following, namely: - I.(a) 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. (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein. (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property includi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l is further directed to make public announcement of moratorium in respect of Corporate Debtor Company soon after receipt of an authenticated copy of this order and to act further as per the order/direction issued by this Adjudicating Authority and to follow the provisions sections 13 and 14 and relevant provisions of the Insolvency and Bankruptcy Code. 26. The IRP is hereby advised to adhere the time limit as stipulated for completion of the Corporate Insolvency Resolution Process ("CIRP" in short) and perform all his functions contemplated, inter alia, in Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnels connected with the Corporate Debtor, its promoters or any other persons associated with the Management of the Corporate Debtor are under legal obligation under section 19 of the Code to extend every assistance and co-operation to the Interim Resolution Professional as may be required by him in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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