9911796707
TMI Blog2017 (8) TMI 1546X X X X Extracts X X X X X X X X Extracts X X X X ..... against the goods to be supplied and invoices were raised to claim the amount but there was non-payment of Debt on the part of the Corporate Debtor. Notice sent under Section 8 (2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- If the Respondent wanted to place on record evidence of 'dispute' then he could have raised the objection within 10 days as prescribed under section 8(2) of The Code which had also lapsed now - As a consequence, after the expiry of the period as prescribed and keeping admitted facts in mind that the Operational Creditor had not received the outstanding Debt from the Corporate Debtor and that the formalities as prescribed under The Code have been completed by the Petitioner we are of the conscie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther under the Head Particulars of Corporate Debtor the description of the debtor is stated as M/S. S. N. Plumbing Private Limited having Registered office at, 0m Arcade, Office no. 56/71, Plot no. 1, Sector 20, near Turbhe Railway Station, Turbhe(W), Navi Mumbai - 400705. 4. Learned Counsel of the Petitioner has described the Nature of the Debt that, the Corporate creditor had supplied pipe fittings, Safety Helmets, Screw Spanner, Paints, Industrial Hardware's, Safety and Power tool Items etc. 5. Further it is submitted that, the Operational Creditor has raised various Invoices, in all 31, payment of which is Outstanding, are attached to the Petition from page no. 101-236. 6. It is submitted that, the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce or non-communication of the Corporate Debtor has thus established that it has nothing to say in defence in respect of the impugned outstanding amount. 12. FINDINGS :- Considering the above facts, it is established by the Operational Creditor that the nature of Debt is an Operational Debt as defined under section 5(21) of the Definitions under The Code. It has also been established that admittedly there was a Default as defined under section 3(12) of The Code on the part of the Corporate Debtor. On the basis of the evidences on record the Petitioner has established that the advance was given against the goods to be supplied and invoices were raised to claim the amount but there was non-payment of Debt on the part of the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 17. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 18. That the Interim Resolution Professional shall perform the duties as assigned under Section 18 of the Code and inform the progress of the Resolution Plan and the compliance of the directions of this Order within 30 days to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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