TMI Blog2019 (12) TMI 1351X X X X Extracts X X X X X X X X Extracts X X X X ..... of instalment and it is not the replica of agreement dated 30.08.2019 which is agreed between the parties - On perusal of the agreement dated 30.08.2019 it is clear that there is/are default in payment and as such the corporate debtor entered into agreement dated 30.08.2019 with covenant to pay as per the schedule mentioned in the agreement but that too corporate debtor has defaulted and has not paid a single instalment. On perusal of the records it is also found that the respondent has not raised any dispute regarding the debt payable to the operational creditor. Thus, the petition is complete in all respect. Petition admitted - moratorium declared. - C.P. No. (IB) 508/9/NCLT/AHM/2019x - - - Dated:- 13-12-2019 - Manorama Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en made by the corporate debtor and, therefore, an amount of ₹ 30,74,768/- (Rupees thirty thousand seventy-four thousand seven hundred sixty-eight only) is outstanding and due to be paid to the operational creditor. That, the aforesaid amount includes interest @ 18% per annum. That, an amount of ₹ 30,74,768/- is due and the date of default is 2nd April, 2019. 5. In support of its claim, the petitioner has submitted copy of the following documents: - Sr. No. Particulars Page No. 1 Affidavit in support of the aforesaid application 6 2 Demand notice in form 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9,00,000 15.11.2019 2 6,00,000 15.12.2019 3 3,00,000 15.01.2020 4 3,00,000 15.02.2020 5 3,00,000 15.03.2020 6 3,00,000 15.04.2020 7 2,42,974 15.05.2020 Findings 7. Heard learned lawyers appearing for both the sides, also seen the documents annexed to the application and the affidavit in reply filed by the corporate d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the corporate debtor has acknowledged the debt and has sought more time to clear the dues. 13. On perusal of the record it is found that the petition is complete in all respect. 14. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ (JP) 2 SC that while examining an application under Section 9 of the Act, will have to determine the following:- (i) Whether there is an operational debt as defined exceeding ₹ 1.00 lac (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority direct the Interim Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 17. From the above stated discussion and on the basis of material available on record, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 18. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 21. The applicant/operational creditor has not proposed name of the IRP. Therefore, this Adjudicating Authority hereby appoint Mr. Dakshesh Pravinchandra Choksi, 303-305 Vrajbhoomi Complex, Behind Shilp Building, Girish Cold Drinks Char Rasta, Off. C.G. Road, Navrangpura, Ahmedabad - 380 009 having registration No. IBBI/IPA-001/IP-P00718/2017-18/11300 to act as an interim resolution professional under Section 13(1)(c) of the Code. 22. This Petition is accordingly admitted. 23. Communicate a copy of this order to the applicant, Corporate Debtor, Registrar of Companies and to the Interim Resolution Professional. 24. Registry is direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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