TMI Blog2021 (1) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... ise unnecessary and false dispute to escape the provisions of Insolvency and Bankruptcy Code, 2016. Moreover, no documentary proof is provided by the corporate debtor in support to the averments which thus makes it evident that the dispute is an after-thought post the issuance of the demand notice. Other contentions raised in the reply by the corporate debtor appears to be a part of moonshine defence which devoid of merits. On perusal of the record it is also found that the instant petition filed by the applicant is well within limitation and there is no denial of the operational debt or any pre-existing dispute regarding the operational debt from the side of the corporate debtor - In the instant application, from the material placed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner : Dr. Kamlesh Vaidankar, Advocate For the Respondent : Ms. Natasha Dhruman Shah, Advocate ORDER Mr. Ansh Mukesh Choradiya, Proprietor of M/s. Karma Polytex filed this Petition under Section 9 of The Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as the Code ] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as the Rules ], as operational creditor/applicant. 2. The applicant/operational creditor, a proprietorship firm of Mr. Ansh Mukesh Chordiya having identification No. GSTIN24BUUPC1858DIZN, having its registered office at Ahmedabad, engaged in manufacture of variety of fabrics, has submitted that the respondent is indebt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Authorised share capital of the respondent company is ₹ 1,00,00,000/- and paid up share capital is ₹ 98,98,050/-. 6. The respondent/corporate debtor filed affidavit in reply inter alia denying the debt and raising baseless objections. Findings: 7. Heard learned counsels appearing for both the sides and perused the documents annexed to the application/reply. 8. On perusal of the records it is found that the instant petition filed on 24.02.2020 was notified for the first time on 12.03.2020. On perusal of the record it is also found that the demand notice issued by the applicant under section 8 of the I B Code on 18.12.2019 has been served upon the corporate debtor. 9. On perusal of the reply filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the operational debt due and payable to the Applicant. 13. The documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt'. 14. It has been observed in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited [2017] 1 IBJ 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 exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Subsection (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 evident that the corporate deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsultation with any financial sector regulator. 20. The order of moratorium shall have effect from the date of receipt of authenticated copy 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. 21. The applicant/operational creditor has not proposed name of the Interim Resolution Professional. This Adjudicating Authority hereby appoint Mr. Sachin Bhattbhatt, A-103, Yogiraj Villa 2, Kuna! Char Rasta, Nr. Signat Plaza, Behind Iscon Heights, Gotri Laxmipura Road, Gotri, Vadodara 390 023 having registration No. IBBI/IPA-003/IP-N000138 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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