TMI Blog2019 (3) TMI 1786X X X X Extracts X X X X X X X X Extracts X X X X ..... of sub-section (5) of 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 - That, amount is due from the Respondent to the Applicant. Respondent is a Company registered under the Companies Act. Therefore, Respondent is a Corporate Debtor within the meaning of sub-section (8) of section 3 of the Code. The Application filed by the Applicant is complete in all respects - on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code - Petition deserves to be admitted. Petition admitted - Moratorium declared. - C.P. (IB) No. 552/9/NCLT/A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oice No. 0430 dated 14th May, 2018 amounting to ₹ 16,51,056.00 as per Annexure 5 at page No. 171 of the application. That, total amount of debt including the interest as per the claim of the applicant is ₹ 18,16,161.60 (Rupees eighteen lacs sixteen thousand one hundred sixty-one and sixty paise only) has fallen due from 14.05.2018. It is further submitted by the applicant that the applicant had supplied the material as per order confirmation by e-mail dated 26.04.2018 of the respondent. That, the material supplied by the operational creditor is a chemical which is based on raw material imported from China and due to high volatility of the international prices and paucity of the material in the international market, there is alwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estion of resorting to any other legal remedy or arbitration as there was no written contract or agreement which binds both the parties to resort to such alternatives for resolution of dispute. 8. The applicant has submitted the following documents in support of his claim: - Sl. No. Particulars Page Nos. 01 Form - 5 - application to initiate corporate insolvency resolution process 6-15 02 Affidavit in compliance of Section 9(3)(B) of the IB Code. 16-18 03 Copy of invoice/demand notice dated 27.08.18 as in form 3 and form 4 of the Insolvency and Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... email dated 21.08.2018. It is further stated that, there is existence of dispute within the meaning of Section 9(5)(ii)(d) of the Insolvency and Bankruptcy Code, 2016 as evidenced by the above referred emails and other facts. 10. Heard the arguments of the learned counsels appearing for both the sides and perused the documents submitted by both the parties. Findings: 11. On perusal of the material available on record it is found that the applicant served demand notice dated 27.08.2018 on the corporate debtor in form No. 3 4 of the Insolvency and bankruptcy (Application to Adjudicating Authority) Rules, 2016 as per Annexure 2 at page No. 19 to 23 of the original application. That, the corporate debtor was required to respond wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin the meaning of sub-section (5) of 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. 13. That, amount is due from the Respondent to the Applicant. Respondent is a Company registered under the Companies Act. Therefore, Respondent is a Corporate Debtor within the meaning of sub-section (8) of section 3 of the Code. 14. That, the Application filed by the Applicant is complete in all respects. That, record show that the notice issued by the applicant is received by the respondent. That, the Applicant did not name the Interim Insolvency Resolution Professional in the Application. Therefore, there is no need to file the Written Communic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ight 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 lessor where such property is occupied by or in the possession of the corporate debtor. 18. 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 may be notifi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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