TMI Blog2019 (6) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... not signed by the Corporate Debtor. However, the Corporate Debtor has not made any statement about its Invoice dated 08.02.2017. The invoice itself is a contract between the parties. It is also pertinent to note that as per email dated 07.03.2017 and 09.03.2017 of the Corporate Debtor, it could be seen that the Corporate Debtor himself has mentioned about the agreement. It could also been seen that the said email correspondence revolve upon the issue of supply of sugar and repayment of the amount received. Therefore, the contention of the Corporate Debtor that there is no agreement substantiated and it is contrary to its own email correspondence. Since, the amount due is arising out of an agreement of sale of goods, the Operational Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor), .a company registered under the Companies Act, 1956 having its registered office at Flat No. 301, Jyothi. Blooms, Union Bank of India Colony, Road No. 3, Banjara Hills, Hyderabad - 500 034 under section 9 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ( in short 1B Rules 2016). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition. 3. The Operational Creditor is in the business of the export and import of commodities. The operational creditor has entered into a Sales and Purchase Agreement dated 04.01.2017 with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode and filed the present petition to commence the Corporate Insolvency Resolution Proceedings against the Respondent/Corporate Debtor. 4. The Corporate Debtor filed counter. The learned Counsel for the Corporate Debtor stated that there is no contractual relationship between the Operational Creditor and the Corporate Debtor. There is no assurance given by the Corporate Debtor for supplying sugar and the provisions of the Sale of Goods Act, 1930 are not applicable to the present case. The alleged agreement is not signed by the Corporate Debtor as such there is no contract between the parties. He also stated that the Operational Creditor cannot take undue advantage of the payment made by them and connect the same with the transaction cove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y goods or services to the Corporate Debtor and on failure of the Corporate Debtor, Petitioners approach this Adjudicating Authority under section 9 of the Code. In the present case, the Operational Creditor has paid money in advance to the Corporate Debtor and on failure by the Corporate Debtor to supply the goods, the operational creditor has invoked the jurisdiction of this Adjudicating Authority under the 1B Code. The contention of the Corporate Debtor is that there is no contract between the parties and the agreement submitted by the Operational Creditor is not signed by the Corporate Debtor. However, the Corporate Debtor has not made any statement about its Invoice dated 08.02.2017. The invoice itself is a contract between the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ault has occurred for which the Corporate Debtor was liable to pay. It is pertinent to mention that the petitioner has established clearly that the amount in default is genuine and is supported by the documentary evidence placed. The petitioner has also placed on record proof of sending notices and its deliveries and also filed an affidavit and bank statement under section 9(3)(b) and 9(3)(c) of 1B Code. The petitioner has complied with the all the requirement as stipulated under the provisions of the 1B code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, this Adjudicating Authority is inclined to admit the instant petition. 8. The instant petition is admitted and I order the commence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... econstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of2002) (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. 11. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 12. The IRP so appointed shall comply with the provisions of sections 13(2), 15, 17 18 of the Code. The directors, Promoters or any other person associated with the management of Corporate Debtor are directed to extend all assistance an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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