TMI Blog2021 (5) TMI 503X X X X Extracts X X X X X X X X Extracts X X X X ..... iction to entertain and try this application. Time Limitation - HELD THAT:- The last invoice was raised on31.03.2018, and the present application was filed on 20.09.2019, hence the debt is not time barred and the application is filed within the period of limitation. Existence of debt and default or not - HELD THAT:- The present application is complete and the Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, and moreover stand admitted as the corporate debtor appeared before the court and sought time for settlement. Therefore, the default of the operational debt is established beyond doubt. Application is admitted - moratorium declared. - Company Petition No. IB-2684/ND/2019 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the material was to be delivered at the construction site of Corporate Debtor. It was agreed amongst the parties that the payment was to be made by the Corporate Debtor within 20 days (which was later on mutually decided to be 30 days) after issue of the invoice, and for any late payment, interest 18% per annum was payable by the Corporate Debtor. It was further agreed that the cost of the goods/material was to be paid by the Corporate Debtor to the applicant in case of any damage or loss etc. caused to the material. In case of loss of MS shuttering plates, it was agreed that ₹ 1,000/- per plate was to be paid by the Corporate Debtor, and in case of loss of MS Channel, ₹ 2,250/-per piece was payable by the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability by the corporate debtor had been dishonored. Copy of email dated 15.10.2016 is annexed. 7. The applicant submits that a mail dated 24.11.2016 was received from the corporate debtor asking to forward the work order which contained the cost of each unit of MS shuttering plates and MS channels to be paid by the corporate debtor in cases of loss. In pursuant to that, the applicant sent the mail to the corporate debtor along with the work order, showing the amount to be paidfor loss as agreed between the parties. Even after sending the details of the payment, the corporate debtor fails to make any payment. 8. The applicant issued a Demand Notice dated 30.05.2019 under Section 8 of the I B Code, 2016(Under Rule 5 of the Insolven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid operational debt. 13. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 14. The last invoice was raised on31.03.2018, and the present application was filed on 20.09.2019, hence the debt is not time barred and the application is filed within the period of limitation. 15. In the given facts and circumstances, the present application is complete and the Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, and moreover stand admitted as the corporate debtor appeared before the court and sought time for settlement. Therefore, the default of the operational debt is established beyond doubt. The pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the Corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. 19. A copy of the order shall be communicated to the Applicant, Corporate Debtor and IRP above named, by the Registry. In addition, a copy of the order shall also be forwarded to IBBI for its records. Applicant is also directed to provide a copy of the complete paper book to the IRP. A copy of this order be also sent to the ROC for updating the Master Data. ROC shall send compliance report to the Registrar, NCLT. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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