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TMI Blog2018 (5) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... ation. This Authority is satisfied that the Corporate Debtor has committed default in making payment of the outstanding debt claimed by the Operational Creditor. Therefore, appliction is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. The moratorium is declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process. - CP NO. (IB)/120/CB/2018 - - - Dated:- 20-3-2018 - MR. CH. MOHD SHARIEF TARIQ, J. For Operatonal Creditor (s) Mr Sandeep Kumar, Pawan Jhabakh and Rahul Tolta, counsel For The Corporate Debtor (s) : Remained ex-parte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for the Operational Creditor and perused the record. The Operational Creditor has claimed an outstanding debt to the tune of ₹ 79,92,341/- including the interest as outstanding debt against the Corporate Debtor. The brief facts of the case are that the Corporate Debtor had approached the Operational Creditor for providing cotton bales. As per the demand of the Corporate Debtor, the cotton bales were supplied by the Operational Creditor for which the Invoices were raised by it. The Operational Creditor has supported the Application along with the Invoices which are placed at pages 23 to 25 of the typed set filed with the Application. The Corporate Debtor has made part payments but, failed to make the balance payment to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CP/120/(IB)/CB/2018 is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 8. The moratorium is declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I B Code, 2016. It is ordered to prohibit all of the following, namely :- (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, al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... comply with the provisions of sections 13(2), 15, 17 18 of the Code. The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under section 19 for the purpose of discharging his functions under section 20 of the I B Code, 2016. 12. The Operational Creditor and the Registry are directed to send the copy of this Order to IRP with immediate effect, so that he could take charge of the Corporate Debtor's assets etc., and make compliance with this Order as per the provisions of I B Code, 2016. 13. The Registry is directed to communicate this Order to the Operational Creditor and the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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