TMI Blog2020 (10) TMI 543X X X X Extracts X X X X X X X X Extracts X X X X ..... filed in the year of 2018. Hence, it is found to be filed well within the limitation. Application admitted - moratorium declared. - C.P. (I.B.) No. 227/9/NCLT/AHM/2018 - - - Dated:- 3-6-2020 - Harihar Prakash Chaturvedi, Member (J) and Prasanta Kumar Mohanty, Member (T) For the Appellant : Akshat Khare For the Respondent : Shreyang S. Vayeda, Advocates ORDER Harihar Prakash Chaturvedi, Member (J) 1. The present I.B. Petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as a Code ). Thereby, the Petitioner/Operational Creditor has sought for initiation of the Corporate-Insolvency-Resolution-Process ( CIRP in Short) in respect of the Corporate-Debtor, M/s. Yogi Infrastructure Pvt. Ltd. 2. The Petitioner/Operational-Creditor, M/s. Jay Manak Steels is stated to be a proprietorship firm and having its registered office at: Nr. Zenith School, Godi Road, Pratap Nagar, Vadodara - 390004, India. It has prayed for grant of following relief(s) in the present I.B. Petition which are stated as under: (i) To admit the Corporate Insolvency Resolution Process against the Corporate Debtor Company, i.e. M/s. Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt failed to pay the remaining amount of ₹ 9,42,841/- as on accounting balance date 22.09.2017. 7. It is stated that the Petitioner raised various demands to clear the dues against the total amount of the tax invoices so generated for above mentioned sale of the goods. In support of its contentions, the Petitioner has annexed a copy of ledger account with the present I.B. Petition as Annexure-C. 8. It is stated that the Petitioner issued a demand notice dated 06.04.2018 in the prescribed format of Form No. 3 and 4 under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and had called upon the Respondent/Corporate Debtor to pay the entire outstanding amount along with the interest so accrued. A copy of said demand notice has been annexed as Annexure-D. 9. It is submitted that the Respondent neglected the said notice, thus the Petitioner was compelled to file the present I.B. petition under the provision of Insolvency and Bankruptcy Code, 2016. 10. It is submitted that the Respondent Company is unable to pay its outstanding in normal course of its business hence, the Corporate Debtor has become commercially insolvent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 28.11.2018 and on 04.01.2019, the Respondent was given to file his reply/objections within two weeks, the same was not complied with in time and was filed on 04.01.2019. Therefore, on 04.01.2019 an I.A. No. 12 of 2019 was moved by the Respondent/Corporate Debtor for permission to file reply and to be taken on record. Such request was opposed by the petitioner but in the interest of justice, the Respondent was allowed for filing the same with a cost of ₹ 5000/-. Thus, the matter was adjourned to 20.02.2019, 18.04.2019, 01.07.2019, 30.07.2019 and on 20.08.2019 the Petitioner was further directed to remove the defects in the petition. On 17.09.2019 the petitioner filed additional affidavit (dated 23.08.2019) enclosing a copy of amended Form No. V of the I.B. Petition with request be taken on record as an amendment to the present I.B. Petition. After hearing the counsels for both parties, such amendments were allowed vide this Court's order dated 14.10.2019 and the amended form No. V of the I.B. Petition formed part of the proceedings. 17. We considered the above stated averments made by the Petitioner in the present I.B. Petition as well as the Respondent/Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment was made by the corporate debtor to the petitioner. Hence, the present IB Petition. 19. By taking into consideration of above narrated facts and circumstances of the present case, we find that the corporate debtor is having outstanding debt liability towards payment of materials were supplied to it and utilized by it for a sum of ₹ 9,42,841/- such amount is obviously is more than of one lakh, hence, such attracts triggering of the Corporate Insolvency Resolution Process ( CIRP in short), in respect of the corporate debtor. 20. That apart, the corporate debtor did not deny specifically and categorically about its loan liability for making payment nor paid the balance payment nor refused goods supplied, but utilized the same. Therefore, the corporate debtor is liable to make payment of the aforesaid amount, wherein, the corporate debtor has failed. Thus, the default of outstanding dues has been occurred. 21. It is now well settled legal position of the IB Code as per the decision of the Honourable Supreme Court in the matter of Innoventive Industries vs. ICICI Bank Ltd. that this Adjudicating Authority is bound to admit the IBC proceedings, if the debt is establi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate 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 Securitisation 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 corporate debtor. II. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. III. The provisions of sub-section (1) shall not apply to (a) such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process. 26. The IRP is hereby advised to adhere the time limit as stipulated for completion of the Corporate Insolvency Resolution Process ( CIRP in short) and perform the duties as specified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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