9911796707
TMI Blog2020 (4) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... ptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is a commission agent having identification (PAN) AKMPB1078M. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 26-2-2009 having identification No. U65999GJ2009PTC107234 and having registered office at Bhavnagar, Gujarat State. Authorised share capital of the respondent company is Rs. 55,00,000/- and paidup share capital is Rs. 51,00,000/-. 4. The applicant/operational creditor has stated that an amount of Rs. 4,20,000/- (Rupees four lacs twenty thousand only) and interest on delayed payment at the rate of 18% per annum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facility of broker/commission agent from Mr. Piyush bhai Bhatt and in said regards we have received the invoice amounting to Rs. 4,20,000/-. That, with regard to the said unpaid operational debt, the respondent company has failed to pay the said operational debt considering the reason of financial instability and due to adverse market conditions, therefore, the respondent company is unable to fulfil the said debt. That, considering the reason of non-payment of said operational debt, the respondent company has no objection in admitting the claim and for initiation of corporate insolvency resolution process. Findings 8. On perusal of the record it is found that Manager of the respondent company appeared and fairly admitted the debt. Heard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record 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. 15. 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment 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. 18. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (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, rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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