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TMI Blog2019 (1) TMI 455X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on the grounds that as on 10.11.2012 the Corporate Debtor has defaulted in making payment of Rs.11,20,124/-which is due for payment for supply of cement to Hiranandi Palace Gardens (HIRCO) project in Oragadam, Kanchipuram Dist. Tamil Nadu between 05.5.2012 and 17.9.2012. 2. It is the case of the Operational Creditor that it has supplied cement to HIRCO project in Oragadam, Kanchipuram Dist. Tamil Nadu between 05.5.2012 and 17.9.2012. The total value of Invoices raised during the period between 5.5.2012 and 17.9.2012 by DCBL amounted to Rs.1,02,80,000/-, on payment terms with credit of 30 days from the date of invocie. The Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor against Rs.11,20,124/-. To this e-mail of the petitioner the corporate debtor replied through its e-mail dated 11.09.2017 wherein it referred to discussions with the petitioner and sent copy of a cheque amounting to Rs.7,27,965/-, original of which was to be handed over after discussion. A copy of the said cheque of Rs.7,27,965/- is attached with the petition. Again on 27.09.2017 the petitioner sent e-mail to the Corporate Debtor referring to the discussions regarding the outstanding amount of Rs.11,20,124/- and conveyed that it is ready to full and final settlement of the account for Rs.10,50,000/- and gave seven-days' time for payment, to withdraw the IBC proceedings. 4. The Petitioner sent a demand notice in Form-5 and invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication if the application is complete in all respects; there is no payment of unpaid operational debt; the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor; no notice of dispute has been received by the operational creditor. 9. The Petitioner has annexed the demand notice sent to Corporate Debtor as per section 8 of Insolvency and Bankruptcy Code, 2016 and the same was received by the Corporate Debtor, the invoices against which it claims the outstanding amount from the Corporate Debtor as well as the Bank Certificate and Bank Statements to show that no payment is received from the Corporate Debtor in its bank account. The Corporate Debtor has not raised any dispute regarding the unpaid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perusal of the pleadings and documents submitted and the argument of the counsel appearing for the operational creditor, we are of the considered opinion that the present case is fit for Admission under the Insolvency and Bankruptcy Code, 2016. ORDER The petition filed under Section 9 of Insolvency and Bankruptcy Code, 2016 is admitted. We further declare moratorium U/S 14 of the I & B Code with consequential directions as mentioned below: I. That this Bench at this moment prohibits: 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, encumberi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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