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TMI Blog2021 (6) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... y (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor having identification No. 0203.286.759 and having its office at Rue Montoyerstraat 3, 1000 Brussels, Belgium is engaged in the business of trading and supply of machinery. 3. The respondent/corporate debtor is a limited company registered under the provisions Companies Act, 1956 on 20.08.1999 and having identification No. U28930GJ1999PLC036446 and having registered office at Surat, Gujarat State. Authorised share capital of the respondent company is Rs. 5,00,00,000/- and paid up share capital is Rs. 4,99,00,000/- 4. The applicant/operational creditor has stated that the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment is received from Reserve Bank of India (RBI). That, vide email dated 27.10.2017, the corporate debtor informed the supplier that instructions have been received from RBI, Ahmedabad, for approval it is advised to approach Mumbai Office of RBI and the corporate debtor has already deposited outstanding amount with its bank. 6. It is further stated by the operational creditor that when several requests and reminders did not yield any results, operational creditor issued demand notice in form 3 under section 8 of the I & B Code dated 04.07.2018, but, till date has not received any reply from the corporate debtor, therefore, this petition. 7. In support of its claim, the operational creditor has annexed to the application documents like ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has placed on record enough documents evidencing the default and hence, the present application deserves to be admitted. 13. On perusal of the record it is also found that the instant petition filed by the applicant is well within limitation and there is no pre-existing dispute regarding the operational debt from the side of the corporate debtor. 14. 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. 15. The documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. 18. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 22. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 23. The applicant/operation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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