9911796707
TMI Blog2017 (8) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... is that it has supplied goods to the Respondent pursuant to purchase orders dated 12th July, 2011 and 8th October, 2011 as per the following Invoices; Invoice Date Amount Rs. BKT-00497 29th December 2011 3,443.00 BKT-00498 29th December 2011 221,915.00 Respondent acknowledged the receipt of goods. Respondent also accepted the liability to pay against the above said Invoices with interest time and again. Respondent by its letter dated 16th February, 2015 acknowledged its liability to pay the amount against the above said Invoices with accrued interest. Applicant claimed Rs. 2,25,358/- towards amounts mentioned in the Invoices and Rs. 2,12,713/- towards interest for delayed payment at the rate of 18% p.a. In all, Applicant claimed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order for supply of goods with the Applicant. Perusal of the copies of the Invoices dated 29th December, 2011 clearly show that goods were supplied to the Respondent. Applicant also issued legal notices dated 22nd August, 2016, 8th September, 2016 and 8th December, 2016 to the Respondent demanding the due amounts under the above said Invoices. Respondent by its letter dated 16th February, 2015 acknowledged the liability. But Respondent did not choose to repay the amount due to the Applicant in respect of the goods supplied by the Applicant to the Respondent. Ultimately, Applicant issued demand notice dated 30th March, 2017 in Form 3 as well as in Form 4 attaching the copies of the Invoices to Respondent as required by Section 8 of the Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Interim Resolution Professional. 13. From the above discussion and on the basis of the material available on record, it is held that it is a fit case to initiate insolvency resolution process by admitting the Application under Section 9(5)(1) of the Code. 14. 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 Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring, 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 its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (d) However, the supply of goods and essential services to the corporate debtor shall not be terminated or suspended or interrupted during moratorium period. The moratorium order in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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