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TMI Blog2019 (3) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for triggering Corporate Insolvency Resolution Process against the respondent corporate debtor. We are satisfied that the present application is complete and there has been default in payment of dues by the respondent. Therefore, on fulfilment of the requirements of section 9(5)(i)(a) to (d) of the Code, the present application is admitted. In pursuance of Section 13(2) of the Code we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Regulations) with regard to admission of this application under Section 7 of the Code. - COMPANY PETITION No. (IB)-1181(ND)/2018 - - - Dated:- 21-12-2018 - MS. INA MALHOTRA, MEMBER (JUDICIAL) AND MS. DEEPA KRISHAN, MEMBER (TECHN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent the applicant, the applicant issued demand notice under Section 8 of the Code on 19.03.2018 amounting to ₹ 6,05,800/-. The Respondent did not reply to this notice. 7. Despite opportunity non-appeared on behalf of the respondent. Affidavit of service dated 29.10.2018. Therefore, the respondent proceeded ex parte vide order dated 31.10.2018. 8. Heard the Applicant and perused the record.- Operational debt has been defined under Section 5(21) of the Code as follows: Operational Debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) (d). Thus, the following prohibitions are imposed: (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, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;Corporate Debtor'. In case there is any violation, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 15. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional at the earliest possible but not later than seven days from today. 16. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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