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TMI Blog2018 (8) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor, North Bengal Iron and Steel Private Limited to initiate corporate insolvency resolution process for non-payment of dues amounting to Rs. 7,70,196/- as on 05.02.2015 including principal amount of Rs. 4,47,789/- and interest Rs. 3,22,407/- as on 18.01.2018. 2. The Operational Creditor is in the business of manufacturing and sale of welding consumables ranging from welding electrodes to welding wires and had supplied goods to the Corporate Debtor against the purchase orders placed in the usual course of business by the Corporate Debtor. On 14.01.2015, the Corporate Debtor approached the operational Creditor for supply of goods on the terms agreed thereon. Purchase Order was placed on 05.02.2015 which is annexed to the Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor has supplied goods to the Corporate Debtor and has duly raised invoices against the same amounting to Rs. 4,55,907/-. However, no repayment of the dues for the goods availed was made by the Corporate Debtor inspite of repeated requests. A Demand Notice as per Section 8 (1) of the I&B Code was issued by the Operational Creditor to which no reply was given. Moreover, a certificate from the Punjab National Bank is also attached with Application as Annexure 11 which confirms that no payment has been received from the Corporate Debtor since 01.04.2016. 7. Upon perusing the records, we find no evidence of repayment of any amount by the Corporate Debtor to the Operational Creditor. No repayment was made within the prescribed statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 is hereby admitted for initiating the Corporate Resolution Process in respect of NORTH BENGAL IRON AND STEEL PRIVATE LIMITED. Moratorium order is passed for a public announcement as stated in Sec. 13 of the IBC, 2016. (ii) The moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec. 15. The public announcement referred to in clause (b) of sub-section (1) of Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iii) Moratorium under Sec.14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: (a) The institu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor under Sec. 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (viii) Necessary public announcement as per Sec.15 of the IBC, 2016 may be made by the resolution professional upon receipt of the copy of this order. (ix) Mr. Sandeep Chandna of H. No. 23, Ground Floor, A- block, South City-2, Sector-49, Gurugram, Haryana-122018 is appointed as Insolvency Resolution Professional registered with the ICSI Insolvency Professionals Agency having Registration NO.IBBI/IPA-002/IP-N00447/2017-2018/11237 as Interim Resolution Professional for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan. (x) The In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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