TMI Blog2020 (4) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 is complete in all respect. Application admitted - moratorium declared. - C.P. (IB) NO. 106/9/NCLT/AHM/2019 - - - Dated:- 17-10-2019 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukkarasu, Technical Member Harmish K. Shah for the Petitioner. Anshul Shah for the Respondent. ORDER Ms. Manorama Kumari, 1. Mr. Bhadreshbhai G. Gajera, proprietor, M/s. B.G. Textile filed this Petition under section 9 of The Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as the Code ] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as the Rules ]. 2. The applicant/operational creditor is a proprietary firm hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2018, copy of which is placed at page No. 20-21 to the petition. That, on receipt of said notice, respondent-company requested for some time for payment of outstanding amount. That, copy of statement of accounts of the respondent company in the books of the petitioner showing the outstanding amount of ₹ 3,56,747/- due an payable by the respondent-company for the period from 1-4-2017 to 31-12-2018 is placed at page No. 23 to the application. 5. It is further submitted by the petitioner that, having failed to receive any reply from the respondent, petitioner had issued demand notice in Form 3, copy of which is available at page Nos. 26 to 39 to the report. 6. In support of its claim, the petitioner has submitted copy of the foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in affidavit inter alia stating that due to demonetization and implementation of GST, the textile business in Surat was severely hit thereby affecting the job work orders of the respondent company which ultimately resulted into non-payment to the applicant in time. That, there was no prior agreement regarding the payment of interest @ 18%. That, since the respondent has not refused to make the payment to the applicant and has sought sometime for the payment, the insolvency proceedings cannot be initiated against the respondent. Findings 8. Heard learned lawyers appearing for both the sides and also seen the documents annexed to the application. 9. On perusal of the application it is found that at page Nos. 15 to 19 of the applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Innoventive Industries Ltd. v. ICICI Bank Ltd. [2017] 84 taxmann.com 320/143 SCL 625 (SC) the Hon'ble Supreme Court after setting out some of the sections of the Code, laid down the scheme of the Code, came to financial and operational creditors triggering the Code against a corporate debtor, it held: '27. The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and it is not paid, the Insolvency resolution process begins. Default is defined in section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which Includes non-payment of even part thereof or an Instalment amount. For the meaning of debt , we have to go to section 3(11), which i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct as an Interim Resolution Professional under section 13(1)(c) of the Code. 17. 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 submission of claims as provided under section 15 of the Code. Sub-section (2) of section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority direct the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and call for submission of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not apply to such transactions as maybe notified by the Central Government in consultation with any financial sector regulator. 21. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under section 33 as the case maybe. 22. This Petition stands disposed of accordingly with no order as to costs. 23. Communicate a copy of this order to the Applicant, Financial Creditor, Corporate Debtor and to the Interim Insolvency Resolution Professional. - - TaxTMI - TMITax - Insolvency & ..... X X X X Extracts X X X X X X X X Extracts X X X X
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