9911796707
TMI Blog2022 (9) TMI 1346X X X X Extracts X X X X X X X X Extracts X X X X ..... sub station at, Jambudia, 8/A National Highway, Morbi-363642. The Operational Creditor supplied the electricity to the Corporate Debtor and raised an invoice of Rs. 1,59,25,359.82/-for for the Month April, May, and June 2015. The Corporate Debtor used to make the payment for the supplied electricity on an Adhoc basis, and as of now an amount of Rs.64,51,107/- remains due and payable by the Corporate Debtor. In spite of repeated requests and reminders by the Operational Creditor, the Corporate Debtor failed to pay the outstanding amount. Thereafter, the Operational Creditor issued a demand notice dated 21.10.2019, but the Corporate Debtor neither replied to the demand notice nor paid the outstanding amount. Hence, it is clear that the petitioner has lost its financial substratum. 3. The Corporate Debtor filed its reply to the application on 18.02.2021 and made the averments which are summarised as under:- (i) There is no amount due and payable as claimed by the Operational Creditor and denied the default committed by the Corporate Debtor. (ii) The claim is barred by limitation. The last invoice was raised by the Operational Creditor on 01.07.2015 which is beyond the period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n is liable to be rejected. (v) The Corporate Debtor is a debt-free company and this petition is a mere attempt on the part of the Operational Creditor to recover the outstanding amount by way of the arm twisting method. (vi) For the adjudication of an application filed under section 9, the Adjudicating Authority is required to examine the following two aspects before passing an order of admission:- a) There must not be any pre-existing dispute with regard to the debt claimed to be in default. b) The Corporate Debtor has committed default in paying the debt in spite of serving of default notice. (vii) The Operational Creditor has failed to establish against which units of electricity and unit credited by the PGVCL, the invoices have been raised. The Adjudication of this issue requires oral as well as documentary evidence which is beyond the ambit of this present application. The Operational Creditor has approached this Adjudicating Authority after 4 years from the alleged date of default itself showing that the present petition has been filed by the Operational Creditor merely for recovery of money under the guise of Insolvency petition. (viii) Neither the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, the Corporate Debtor has consumed 26,60,401 units of electricity only, and the remaining 13,902 units of electricity had lapsed. (iv) The Operational Creditor raised invoices for an amount of Rs.1,59,25,359.82/- against which Rs. Rs.23,73,190/- is outstanding excluding the late payment surcharge. Moreover the credits given by the PGVCL on units consumed by the Corporate Debtor is for Rs.1,69,26,429.88/- and this fact has been suppressed by the Corporate Debtor from this Adjudicating Authority. The credit unit given by the PGVCL and its value are as under:- Month Credit Units Value of unit Credited in Rs. Apr-2015 6,28,853 Rs.39,14,074.46/- May-2015 12,06,369 Rs.77,39,110.22/- Jun-2015 8,25,179 Rs.52,73,245.21/- Total Units: 26,60,401 Rs.1,69,26,429.89/- As regard the Cross-subsidy surcharge and additional surcharge charged by the PGVCL, the Operational Creditor has already given credit to the Corporate Debtor which has already been entered in the Ledger Statement furnished by the Operational Creditor. 5. Heard the learned counsel for both sides and perused the material on record. It is noted that the Operational Creditor supplied the electri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... professional. (5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order (i) admit the application and communicate such decision to the operational creditor and the corporate debtor if,-- (a) the application made under sub-section (2) is complete; (b) there is no 3 [payment] of the unpaid operational debt; (c) the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor; (d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4) if any; (ii) reject the application and communicate such decision to the operational creditor and the corporate debtor, if-- (a) the application made under sub-section (2) is incomplete; (b) there has been 3[payment] of the unpaid operational debt; (c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. iii) The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
