TaxTMI 
TaxTMI 
2020 (9) TMI 892
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....ncy Chaudhary Dharambir Market, Near Sebel Cinema Badarpur South Delhi, New Delhi. Since the registered office of the respondent corporate debtor is in Delhi, this Tribunal having territorial jurisdiction over the place, is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. Mr. Akhilesh Gusain is a person who is duly authorized to submit the application on the behalf of "M/S Adonis Electronics Pvt. Ltd. 4. The pleaded case of the Operational Creditor is as under: i. From April 6,2018 to June 30, 2018, Corporate Debtor placed a purchase order with the Operational Creditor for split AC and Window AC. ii. From April 10, 2018 to September 25, 2018, sales Invoice raised by Operational Creditor on Corporate Debtor for supply of Air Conditioner aggregating to Rs. 13,30,662/- iii. Since no payment was received from Corporate Debtor, the Operational Creditor sent first reminder to Corporate Debtor for payment on July 12, 2019. iv. On September 3, 2019, Operational Creditor sent second reminder to Corporate Debtor for payment. v....
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....ral Government, any State Government or any local authority;" 10. From the definition of "operational creditor" and "operational debt", it can be seen that the following persons can claim to be an "operational Creditor". i. The person who has claim in respect of provisions of goods (supplied) to the corporate debtor. ii. Persons who have provided service to the corporate debtor, including those who are in employment. iii. Central Govt., State Govt. and local authorities, who are entitled to claim debt in respect of dues arising under any law for time being in force. 11. It is thus seen that the unpaid petitioner, who rendered services to the Corporate Debtor, comes within the purview of 'Operational creditor'. 12. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the "Operational Creditor" is delineated under Section 9 of the Code. The present application filed by operational creditor, accordingly, has to be dealt with in terms of Section 9 of the Code. 13. Sub-section (1) of Section 9 mandates filing of the petition only after expiry of the period of 10 days from the date of delivery of notice or invoice demanding payment u....
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....cant operational creditor. Rather the respondent has sought time to repay the balance outstanding claim debt. It is thus seen that the application preferred by the operational creditor is complete in all respect and there is default committed by corporate debtor in making payment of the operational debt. 20. Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited V. Kirusa Software Private Limited, reported in AIR 2017 SC 4532 has held that: "25. Therefore, the adjudicating authority, when examining an application under Section 9 of the Act will have to determine: (i) Whether there is an "operational debt" as defined exceeding Rs. 1 lakh? (See Section 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? " 21. In the present application all the aforesaid requirements have been satisfied. It is seen that the app....
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.... consequences of imposing the moratorium flows from the provisions of Section 14(1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) 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; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 27. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be term....