TMI Blog2021 (3) TMI 867X X X X Extracts X X X X X X X X Extracts X X X X ..... ough the Threshold Limit has been raised to ₹ 1 Crore as and from 24.03.2020 by virtue of a Notification issued under Section 4 of IBC, 2016, as regards the present Application, it is seen that the default has arisen well before the Notification effected in increasing the threshold limit from ₹ 1 lakh to ₹ 1 crore as on and from 24.03.2020 and the claim made thereof in the Petition filed on 30.01.2020, which exceeds a sum of ₹ 1 lakh, this Tribunal has got the Pecuniary Jurisdiction to entertain this Petition, as filed by the Operational Creditor. The Petition as filed by the Operational Creditor is required to be admitted under Section 9(5) of the IBC, 2016 - Application admitted - moratorium declared. - IB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt V of the Application sets out the details of the documents which are being filed in order to prove the existence of an Operational Debt, which are as follows: (i) Purchase Order dated 22.03.2017. (ii) Invoice dated 25.03.2017 with proof of consignment and test certificate. (iii) Correspondent dated 22.03.2017 with cheques dated 08.04.2017 10.04.2017 along with their respective return memos. (iv) Letter of the Corporate Debtor dated 24.07.2017 with replacement cheques dated 24.07.2017 and return memo. (v) Correspondences of the Corporate Debtor dated 10.06.2017 and 31.07.2017. (vi) Entire Ledger Statement. 5. It is averred in the Application that the Operational Creditor is engaged in the busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor having received and utilized the goods, had defaulted in making payments to the Operational Creditor and hence the Corporate Debtor has committed default in repayment of the said operational debt to the Operational Creditor. Further, it is stated in the Application that the Corporate Debtor has failed to return a dozing pump capacity 130 LPH 2 Nos. with Serial Number 090619240 / IM2012357-074 and Serial Number 130240998 that was provided by the Operational Creditor for dozing chemicals, vide suspense gate pass number 087/18.07.2014 and 150 dated 13.01.2016. It is stated that the cost of the two pumps owned by the Operational Creditor and misappropriated by the Corporate Debtor amounts to a sum of ₹ 92,000/- and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffidavit of Service is also filed by the Operational Creditor. Inspite of notice having been served, there was no representation on behalf of the Corporate Debtor. 10. From the documents filed along with the typed set and also from the averments made in the Application it is seen that the Corporate Debtor has committed default in payment of the operational debt which is due and payable by the Corporate Debtor to the Operational Creditor. Further, in the present case it is seen from the records that the Corporate Debtor has not preferred to reply to the Demand Notice issued by the Operational Creditor in spite of receiving the same. 11. Further in relation to the Pecuniary Jurisdiction even though the Threshold Limit has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or interrupted during moratorium period. (2A)Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange the operations of such Corporate Debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
