9911796707
TMI Blog2020 (6) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is proprietor of Sharma Motorbody Repairing, a firm engaged in the business of body repairing for the trucks and other vehicles and located at Narol, Ahmedabad. 3. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 8-6-2000 having identification No. U06301GJ2000PTC038173 and having registered office at Maninagar, Ahmedabad, Gujarat State. Authorised share capital of the respondent company is Rs. 12,00,00,000/- and paid-up share capital is Rs. 10,98,30,000/-. The corporate debtor is engaged in the business of transportation. 4. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor has not filed any reply. During the course of hearing, learned lawyer for respondent conceded that he does not wish to file reply and fairly admitted the debt under the instruction of the corporate debtor. 8. On perusal of the record it is also found that the instant petition 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. 9. 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. 10. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment and the provisions thereof as enshrined in Insolvency & Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant and it fulfilled the requirement of I & B Code. That, service is complete and no dispute has been 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. 15. Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of by the corporate debtor any of its assets or any legal right 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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