TMI Blog2019 (4) TMI 1975X X X X Extracts X X X X X X X X Extracts X X X X ..... for the period from 01.08.2014 to 01.03.2017 for the services rendered to the respondent. On perusal of the bank statement it is found that respondent has never made any payment towards the services rendered by the applicant. It is also found that the bills raised from 01.08.2014 to 01.08.2015 are time barred in as much as there is no acknowledgement of debt which can revive the period of limitation. However, the invoices raised 12.11.15 onwards are within limitation. Existence of debt and dispute or not - HELD THAT:- The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, it is established th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate debtor is ₹ 1,25,05,00,000,00 and paid up share capital is ₹ 92,64,16,210,00. 4. It is submitted by the applicant that the respondent company approached the applicant for providing services as integrated communication solution provider for DIGJAM brand. That, copy of the annual retainership contracts for working as an integrated communication solution provider for DIGJAM brand dated 25.06.2016, 25.06.2015, 25.06.2014 and 25.06.2013 along with annual retainership contract for creating and updating facebook and twitter page of DIGJAM dated 01.08.2016, 01.08.2015, 01.08.2014 and 01.08.2013 executed between the applicant and the respondent. That, since 2013 the applicant has been supplying services to the respondent and at no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le al action against corporate debtor. 21-22 02 Form - 2 written communication by proposed interim resolution professional 23-24 03 Declaration of registration of Hindu Undivided family registered under the provisions of the Finance Act, 1994 25 04 Details of DIGJAM obtained from the web portal of MCA 26-27 05 Annual retainership contracts for working as integrated communication solution provider for DIGJAM brand dated 25.06.2016, 25.06.2015, 25.06.2014 and 25.06.2013 along with annual retainership contract for creating and updating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the respondent. Learned advocate appearing on behalf of the respondent filed an affidavit in reply wherein it is categorically stated that the corporate debtor has been severely affected due to working capital constraints and lack of financial liquidity which has also resulted in substantial losses in recent years. That, the corporate debtor by way of affidavit also 9. admitted the liabilities exceeding current asset by ₹ 94.38 crores as on 31.12.2018. 9. On perusal of the record it is found that the applicant has annexed to the application invoices for the period from 01.08.2014 to 01.03.2017 for the services rendered to the respondent. On perusal of the bank statement it is found that respondent has never made any payment t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . That, the records available shows that the amount due to the Applicant from the Respondent is in respect of Service provided to the respondent. The application is admitted to the extent of bills raised from 12.11.2015 to 01.03.2017. The amount claimed by the Applicant from the Respondent is operational debt within the meaning of Section 5, sub- section (21) of the Code. The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, it is established that there exists debt as well as there is occurrence of default. 11. That, the Application filed by the Applicant is complete in all respects. That, re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of claims under Section 15 as required by Section 13(1)(b) of the Code. 13. 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 of any judgment, decree or order in any court of law, tribunal, arbitration panel or other 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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