9911796707
TMI Blog2022 (3) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... to initiate the Corporate Insolvency Resolution Process against M/s. Kanodia Technoplast Limited (hereinafter, Respondent/Corporate Debtor). 2. As per averments made in the petition that the corporate debtor was purchasing goods from the applicant from time to time. The applicant was raising invoices and the corporate debtor was making payments time to time. It is the case of the applicant that the corporate debtor vide email on 15.02.2018 has admitted liability that a sum of Rs. 3,07,34,879 was due and payable to applicant by it. 3. It is further stated that the corporate debtor on 01.11.2019 issued total 16 cheques for payment of Rs. 2,12,01,446.32/-. Out of the said cheques two cheques amounting to Rs. 3,00,000/- were cleared and the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the operational debt. c) The corporate debtor has submitted that in November 2019, a meeting was held between the parties whereas it was decided that the payment of Rs. 2,12,01,446/- will be made in installments and 142 cheques were handed over to the applicant and thus there is no amount due and payable by corporate debtor after issuance of said cheques. 7. The petitioner has filed rejoinder to the reply of respondent and submitted as follows: i. It is submitted that the corporate debtor has sent a reply to the demand notice wherein no dispute of any nature was raised. On the contrary, the dues towards applicant were admitted. The applicant has filed affidavit in terms of Section 9(3)(b) of the Code alongwith the rejoinder. ii. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he fact of receiving goods supplied by the applicant. On a bare perusal of Form-5 filed under Section 9 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. 11. An application under Section 9 of the Code is acceptable so long as the debt is proved to be due and there has been occurrence or existence of default. In respect of applications filed before 24.03.2020 what is material is that the default is for at least Rs. 1 Lakh. In view of Section 4 of the Code, the moment default is of Rupees one lakh or more, the application to trigger Corporate Insolvency Resolution Process under the Code is maintainable. The corporate debtor has failed to show that there is no debt or default in e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal, and shall be paid back to the Operational Creditor. 15. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 9 of the Insolvency & Bankruptcy Code, 2016. 16. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the provisions of the Code, Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day to day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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