TMI Blog2021 (4) TMI 1146X X X X Extracts X X X X X X X X Extracts X X X X ..... hat must be raised before filing this present application. In the present application, no other document is produced on record by the corporate debtor to prove the preexisting debt - There can so many reasons for rejection of goods by a third party and there is no such condition between Operational Creditor/Corporate Debtor that payment would be refunded only after goods are accepted by the client of Corporate Debtor. The corporate debtor further relies upon the letter issued by the M/s. General Polytex on 24.09.2019 which has been issued after filing the present application in respect that the goods supplied by the operational creditor were defective. It is also not indicated that the alleged facts were communicated to the operational creditor. An averment made by the operational creditor can't be sustained without any cogent evidence. Hence, this contention of the corporate debtor is also rejected. The present application is defect-free and complies with the relevant provisions of the IB Code and Rules formed thereunder - Application admitted - moratorium declared. - CP (IB) No. 153/9/NCLT/AHM/2019 - - - Dated:- 5-4-2021 - Madan B. Gosavi, Member (J) And Virendra Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 5. The corporate debtor further submitted that the present application is barred by limitation as the invoices/debit noted was raised in the year 2015-16, and the present application has been filed in the year 2019. 6. It is stated by the corporate debtor that debit notes at serial no. 1 and 2 are concerned, the same have been issued in respect of interest but it has not been disclosed that against which bill the said debit note have been issued and no debit notes have received by the corporate debtor. Moreover, there is no agreement between the corporate debtor and operational creditor for the interest, though, the corporate debtor always paid the interest on delayed payment. 7. It is also stated by the corporate debtor that ₹ 4,00,000/- had been adjusted against the amount of invoices raised by the operational creditor as the goods purchased from the operational creditor by the corporate debtor were supplied to one M/s. General Politex Pvt. Ltd. (hereinafter referred to as M/s. General Politex ) which were defective and due to the defective supplied goods by the operational creditor, M/s. General Politex had been raised the debit note dated 19.03.2018 for ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor in respect that Mr. Manish Saboo through whom the present application has been filed is not authorized by the board of the company on the ground that the said person has already been authorized vide board resolution dated 03.11.2018 for filing this present application. 10. We heard both counsels operational as well as corporate debtor and gone through the records. Contention raised by the corporate debtor in respect that Mr. Manish Narayan Saboo is not authorized by the board of the corporate debtor for filing the present application is not valid. As per the board resolution produced with the rejoinder by the operational creditor, the said person has been authorized to sign the paper, affidavits and all other relevant documents for proceedings with this present application vide board resolution dated 03.11.2018. 11. The contention of the corporate debtor in respect that the present application is barred by limitation is also not valid. The first invoice was raised on 27.02.2016, and the last invoices raised on 20.07.2016, and the present application was filed before this authority on 14.02.2019 which is well within the limitation, i.e. 2 years 11 months, and 18 days. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d limit for filing the present application as envisaged under section 4 of the IB Code. 12. The present application is defect-free and complies with the relevant provisions of the IB Code and Rules formed thereunder. The name of Resolution Professional is not mandatorily to be recommended by the operational creditor in the instant application, and the operational creditor has also not recommended the Resolution Professional to appoint as an IRP. We will appoint IRP from the IBBI Panel of Insolvency Professionals. 13. In view of the above facts and legal position, we allow the present application with the following directions: ORDER I. The instant application is admitted and the moratorium is declared for prohibiting all of the following in terms of Section 14(1) of the Code. (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree, or order in any court of law, tribunal, arbitration panel, or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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