9911796707
TMI Blog2018 (6) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... d to the Operational Creditor as well as to the Corporate Debtor above named by the Registry. - C.P. NO. IB-96/(ND)/2018 - - - Dated:- 26-4-2018 - MR. R. VARADHARAJAN AND DR. V.K. SUBBURAJ, JJ. For The Petitioners : Mrs. P. K. Mittal Advocate And Ms. Nibruti Samal, Advocate ORDER 1. The above petition has been filed under the provisions of Section 9 of Insolvency and Bankruptcy Code, 2016 ( IBC, 2016 ) by Planetcast Media Services Limited ( Operational Creditor/Applicant ), earlier named as Essel Shyam Communication Limited, representing that it is a company incorporated under the Companies Act, 1956 having its registered office at 1121, 11th Floor, Hemkunt Chambers, 89, Nehru Place, New Delhi 110019 and is engaged in the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter dated 18.03.2016 issued by the Corporate Debtor to the Operational Creditor in which the Corporate Debtor has acknowledged the payments due till 10th April, 2016 amounting to ₹ 67,42,628/- (Sixty Seven Lakhs Forty Two Thousand Six Hundred and Twenty Eight Rupees Only). Further, the Operational Creditor has placed on record seven cheques issued by the Corporate Debtor to the Operational Creditor for partial payment of the outstanding amounts. However, all the seven cheques were returned unpaid due to insufficient funds vide return memos dated 19.05.2016 which have also been placed on record. 3. Since the payment of the balance amount was pending, a statutory demand notice dated 27.06.2017 was issued by the Operational Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On the first date of hearing i.e. 01.02.2018 none appeared for the Corporate Debtor and the Operational Creditor was directed to serve another copy of the Petition along with information as to the next date i.e. 22.02.2018 to the Corporate Debtor. The Operational Creditor has filed the postal receipt as well as the tracking report which show that the second copy of the Petition with information about the next date of hearing was delivered to the Corporate Debtor on 12.02.2018. 6. The matter was re-notified to 13.03.2018 and even on 13.03.2018 no one appeared for the Corporate Debtor, despite service. Thus, this Tribunal was constrained to proceed with the matter in the absence of the Corporate Debtor. 7. In the circumstances mentioned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization 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. However during the pendency of the moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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