TMI Blog2019 (1) TMI 1811X X X X Extracts X X X X X X X X Extracts X X X X ..... tional debt. Therefore, petitioner is an operational creditor within the meaning of Section 5(20) of the I B Code. Respondent is a company registered under the Companies Act and it is liable to pay the operational debt to the petitioner - Inspite of issuance of Form 3 Demand Notice, respondent did not choose to pay the unpaid operational debt. The Bank account filed by the petitioner clinchingly show that the unpaid operational amount has not been credited to the account of the petitioner. Moreover, respondent also admitted the operational debt. No notice of dispute has been issued by the respondent. The petition filed by the petitioner is complete in all respects. Application admitted - moratorium declared. - Company Petition No. (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the material of food and beverages as per the purchase orders. Respondent also failed to refund the amount of ₹ 5,00,000/- paid by the petitioner. 4. It is stated that as per the terms of agreement within seven days from the date of purchase order, respondent has to supply the food and beverages items to the petitioner as per the purchase order. 5. Petitioner issued Form 3 Demand notice to the respondent on 20.07.2018 and it was duly served on the respondent, but respondent did not choose to give any reply to the demand notice. Respondent also did not choose to repay the amount due to the petitioner. 6. Petitioner alongwith this petition filed the copy of agreement dated 02.04.2018. Petitioner also filed the confirmation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supplementary order as per the terms of the agreement, but petitioner did not place the supplementary order. Respondent requested some breathing time to offer the quality material or to return the money to the petitioner. 10. A perusal of agreement dated 02.04.2018 shows that, it is a distribution agreement, wherein the respondent agreed to supply food and beverages items to the petitioner against the advance amount received by him as per the purchase order placed by the petitioner. From the admissions made by the respondent in the reply, respondent having entered into an agreement dated 02.04.2018 failed to supply the material as per the work orders placed by the petitioner. Respondent also failed to repay the advance amount received by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 company/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 company/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 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the company/corporate debtor. (i) There shall not be any interrupti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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