TMI Blog2021 (3) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... uired to consider whether there is any default and the debt is due and payable. In the instant case, the applicant has placed on record enough documents evidencing the default and hence, the present application deserves to be admitted - In the 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 - 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'. Thus, the corporate debtor has committed default in p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd each are payable after seven days from the date of invoice. 3. In support of its claim, the applicant has annexed to the application copy of the documents like; tax invoices, ledger account issued by the respondent, statement of accounts of the petitioner, demand notice along with track report, authority letter etc. 4. The petitioner/operational creditor has submitted that the corporate debtor had been purchasing abrasive materials used for grinding of ceramics from the applicant during 2016 to 2018 for which the corporate debtor released payment in piecemeal to the operational creditor. That, due to huge outstanding, the operational creditor stopped supplying goods after October, 2017 and the last payment made by the corporate d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 is well within limitation period. Copy of the track report (page 74) clearly reflects that the demand notice dated 09.11.2020 was delivered to the respondent. Moreover, notice dated 13.01.2021 issued by the registry has been delivered on 25.01.2021 establishing that the service is complete. The petitioner has filed copy of invoices raised on the respondent during the period between 2016 and 2018 which demonstrates that the petitioner had supplied material to the respondent. Ledger account for the period from 1st April, 2018 to 31st March, 2019 (Annexure B - page 56) maintained by the corporate debtor and the ledger account (Annexure C - page 57-62) maintained by the petitioner show that the corporate debtor is indebted to the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Innovative Private Limited vs. Kirusa Software Private Limited 12017] 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 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 of the aforesaid conditions is lacking, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Insolvency Process and call for submission of claims under Section 15 as required by Section 13 (1) (b) of the Code. 18. From the above stated discussion and on the basis of material available on record it is evident that the corporate debtor has committed default in payment of operational debt and, therefore, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9 (5) (1) of the Code. 19. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - (i) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional. This Adjudicating Authority hereby appoint Shri Akhilkumar Amrutlal Thakkar, Akhil A. Thakkar Co., B-2, Sanskar Residency, Sattar Taluka Society, Navjeevan Post, Income Tax, Ashram Road, Ahmedabad 380 014 having registration No. IBBI/ IPA-001/ IP-P01392/ 2018-19/ 12159 (akhilthakkar@gmail.com.) Mobile 09825207701) to act as an interim resolution professional under Section 13 (1) (c) of the Code. 23. This Petition is accordingly admitted. 24. Communicate a copy of this order to the applicant, Corporate Debtor, Registrar of Companies and to the Interim Resolution Professional. 25. Registry is directed to inform the office of Registrar of Companies that the respondent company is under corporate insolvency resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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