TMI Blog2019 (9) TMI 1453X X X X Extracts X X X X X X X X Extracts X X X X ..... he Applicant. That, service is complete and no dispute has been raised by the respondent. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. That, the Application filed by the Applicant is complete in all respects - Petition admitted - moratorium declared. - C.P. (I.B) No. 188/9/NCLT/AHM/2019 - - - Dated:- 16-9-2019 - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Amrish Gandhi, PCS For the Respondents : Ishan Shah, Advocate ORDER Manorama Kumari, Member (J) 1. Mr. Chattarlal J. Asawa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,33,76,806/- (Rupees two crores thirty-three lacs seventy-six thousand eight hundred six only). 5. It is submitted by the petitioner that demand notice dated 15.01.2019 was served upon the respondent on 19.01.2019 at its registered office as per the track report submitted with the application and placed at page No. 38 to the application. 6. The petitioner further submitted that despite service of the demand notice, the corporate debtor has neither given any notice relating to a dispute within the meaning of Section 8(2) of the IB Code, 2016 in connection with unpaid operational debt nor has provided any notice of any suit or arbitration proceedings. That, in the continuous business transactions between the operational creditor and cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 Affidavit verifying facts documents in support of the petition 44-52 8. The respondent/corporate debtor filed reply in affidavit stating that its operations have been severely affected due to working capital constraints and lack of financial liquidity which has also resulted in substantial losses in recent years. That, efforts to raise financial resources to meet its financial liabilities have not met with any success so far despite efforts and the corporate debtor is unable to make payment. The respondent further stated in his reply affidavit that due to above situation he is unable to pay the dues of the applicant. Findings: 9. Heard the learned counsels for both the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant. That, service is complete and no dispute has been raised by the respondent. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. 14. That, the Application filed by the Applicant is complete in all respects. 15. The applicant/operational creditor has proposed the name of Interim Resolution Professional. Therefore, this Adjudicating Authority hereby appoint Shri Ritesh Prakash Adatiya, E-904, Iscon Platinum, Bopal Cross Road, Bopal 380 054 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 19. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspende ..... X X X X Extracts X X X X X X X X Extracts X X X X
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