9911796707
TMI Blog2019 (2) TMI 600X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor on the ground that the Corporate Debtor has defaulted in making the repayment of Rs. 36,63,816.00 along with an interest amount of Rs. 3,05,351/- @ 18% per annum from 15th July, 2015 to 5th January, 2016 and further interest @18% per annum from 6th January 2016 till the realisation of the claim of the Operational Creditor. 2. Brief facts of the case are that the Applicant is engaged in the business of trading special purpose carbon/alloy steel and bright bars under the name and style of M/s Madhur Engineers Private Limited., having its Registered office at Kolkata. The Corporate Debtor M/s Varad Forge Private Limited, having its registered office at Pune, approached the Operational Creditor M/s Madhur Engineers Private Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he situation is improving and they have all intentions of paying all the outstanding but needs time. The Corporate Debtor also ensured that there would be some repayment every month starting September, 2015. Since no payment was made, a Demand Notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 was sent by RPAD on 4th July, 2017 and the same was received by the Corporate debtor on 07.07.2017. The India Post track consignment copy is annexed with the Petition (page No. 65). The Petitioner has submitted on Affidavit dated 29th August, 2017 that since the statutory period of 10 days from the date of receipt of the Demand Notice has expired, it is prayed that the Tribunal may proceed with the Petition. The Petitioner has also ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor. It is worth to mention that the Corporate Debtor had never attended the hearing. 6. In totality of the facts and circumstances mentioned supra, we are of the view that the impugned Petition requires 'Admission'. 7. The Corporate Debtor having named the Interim Resolution Professional with his consent, there being no disciplinary proceedings against, this Bench hereby admits this petition filed under Section 9 of IBC, 2016, declaring moratorium with consequential directions as mentioned below: I. That this Bench hereby 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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