TMI Blog2019 (9) TMI 1450X X X X Extracts X X X X X X X X Extracts X X X X ..... he demand notice of the unpaid 'operational debt', the application under Section 9 cannot be rejected and is required to be admitted. Since all the aforesaid condition are fulfilled in the instant case, the application submitted by Operational Creditor is Complete in all respects and there is no defect pointed out by Corporate Debtor. It is also proved that payment of unpaid operational debt has not been made by the Corporate Debtor. Application admitted - moratorium declared. - TIBA No. 4/KOB/2019 and IBA No. 282/2019 of NCLT - - - Dated:- 25-9-2019 - Ashok Kumar Borah, Member (J) and Veera Brahma Rao Arekapudi, Member (T) For the Appellant : John Numpeli and B. Kishore For the Respondents : P.A. Ahamed and Thou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 31.03.2017. As on 10.06.2018 the Corporate Debtor has an unpaid balance of ₹ 14,79,859/- (Rupees Fourteen Lakh Seventy-Nine Thousand eight hundred and Fifty-Nine Only) towards the principal and ₹ 1,06,436/-(Rupees One Lakh Six Thousand Four Hundred and Thirty-six only) towards interest at 12% from 02.11.2017 to 10.06.2018 leaving the overall dues payable by Corporate Debtor amounting to ₹ 15,86,295/- (Rupees Fifteen Lakhs Eighty six Thousand Two Hundred and Ninety Five Only) to Operational Creditor. 5. The Corporate Debtor failed to honour the payments in spite of admission of the debts and in spite of several reminders via letters/legal notices. The date from which such debt fell due was 02.11.2017. The Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 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? If any one of the aforesaid conditions is lacking, the application would have to be rejected. Apart from the above, the adjudicating authority must follow the mandate of Section 9, as outlined above, and in particular the mandate of Section 9(5) of the Act, and admit or reject the application, as the case may be, depending upon the factors mentioned in Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he period 01.04.2016 to 25.07.2017 as ₹ 14,79,859/- (Rupees Fourteen Lakh Seventy-Nine Thousand eight hundred and Fifty-Nine Only). 11. Likewise, it also appears that Balance Confirmation Annexure II issued by the Corporate Debtor Trivandrum Spinning Mill Limited to PSG Traders, whereby the respondent Company has confirmed the Credit Balance of INR. 14,79,859.00/- (Rupees Fourteen Lakh Seventy-Nine Thousand Eight Hundred and Fifty-Nine Only) as on 31.03.2017. 12. Since all the aforesaid condition are fulfilled in the instant case, we find that application submitted by Operational Creditor is Complete in all respects and there is no defect pointed out by Corporate Debtor. It is also proved that payment of unpaid operational debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the services to the corporate-debtor, of supplying raw cotton materials, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The moratorium shall however not apply to such transactions as may be notified by the Central Government in consultation with any financial regulator and to a surety in a contract of guarantee to a corporate debtor. a) The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. b) That the public pronouncement of the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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