TMI Blog2020 (4) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... complete in all respect and the Corporate Debtor committed default in paying the operational debt to the Applicant - In the instant case, the documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt' - Also, the corporate debtor has never raised any dispute on issuance of notice u/s 8 of the I B Code nor have ever raised any dispute prior to the issuance of notice. The corporate debtor has committed default in payment of operational debt and, therefore, 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 dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hatt (operational creditor) provided service of broker/commission agent to the corporate debtor and a total sum of ₹ 4,20,000/- is outstanding against invoice No. 1 dated 28th February, 2019 raised by the operational creditor. 5. The operational creditor has stated that inspite of repeated requests and reminders, the corporate debtor failed and neglected to make payment of outstanding dues and the operational debt became due on 28th February, 2019. Under such circumstances, the operational creditor issued demand notice on 17-4-2019 in terms of section 8 of the insolvency and bankruptcy Code in Form-3. That, inspite of receipt of the said notice, the corporate debtor within a period of 10 days, neither paid the outstanding dues nor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on filed by the applicant is well within limitation and there is no denial of the operational debt and/or any pre-existing dispute regarding the operational debt from the corporate debtor. 10. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the operational debt to the Applicant. 11. In the instant case, the documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 12. On perusal of the records it is also found that the corporate debtor has never ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n raised by the respondent at any point of time. That, Applicant is an Operational Creditor within the meaning of section 5 sub-section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. 16. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 lessor where such property is occupied by or in the possession of the corporate debtor. 19. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as maybe notified by the Central Government in consultation with any financial sector regulator. 20. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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