9911796707
TMI Blog2017 (11) TMI 1716X X X X Extracts X X X X X X X X Extracts X X X X ..... lings with the Corporate Debtor. The Bankers of the Operational Creditor viz. Standard Chartered, vide their letter dated 23.10.2017 have certified that the amount of ₹ 8,58,426.87 in the account of the Operational Creditor has not been received from the Corporate Debtor. Despite service on the Corporate Debtor vide different modes, none has appeared on behalf of the respondents to offer any resistance. From the facts of the case, this Bench is satisfied that the Operational Creditor is entitled to initiate the Insolvency Resolution Process against the Corporate Debtor for non payment of its dues. This petition u/ s 9 of the Code is therefore Admitted. A moratorium in terms of section 14 of the Code is being issue - IB No. (IB) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount reflecting the statement of debit and credit in respect of their dealings with the Corporate Debtor. 3. The Bankers of the Operational Creditor viz. Standard Chartered, vide their letter dated 23.10.2017 have certified that the amount of ₹ 8,58,426.87 in the account of the Operational Creditor has not been received from the Corporate Debtor. 4. It is submitted by the Ld. Counsel for the Operational Creditor that they have duly complied with the mandatory requirements of Section 9 (3) (a), (b) (c). In terms of the provisions of section 9(3)(b), the Operational Creditor has deposed that the Corporate Debtor has not raised any dispute with respect to the un-paid operational debt. It is submitted that even otherwise, the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as may be specified shall not be terminated or suspended or interrupted during moratorium period. (b) The provisions of sub-section (1) of section 14 of the Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 8. The Financial Creditor has also proposed the name of Mr. Rakesh Wadhwa, Insolvency Professional, (Email ID: [email protected] ). His consent has been placed on record along with his certification that there is no disciplinary proceeding pending against him and that he is duly empanelled with the IBBI vide Registration No. IBBI/IPA-002/IP-N00159/2017-18/10428. 9. As the petition fulfils the required criterion for invoking the Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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