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TMI Blog2019 (7) TMI 787X X X X Extracts X X X X X X X X Extracts X X X X ..... aimed by the Applicant from the Respondent is operational debt within the meaning of Section 5, sub-section (21) of the Code. The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, it is established that there exists debt as well as there is occurrence of default. The Application filed by the Applicant is complete in all respects - petition admitted - moratorium declared. - C.P. No. 71/9/NCLT/AHM/2019 - - - Dated:- 22-4-2019 - MS. MANORAMA KUMARI, MEMBER (J) For The Applicant : Mr Kunal Vaishnav ORDER 1. That, the instant applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e B to the application, however, the respondent did not make any payment of the outstanding amount. That, on repeated demand the respondent had issued cheques towards outstanding amount but the same were returned with remark as per return memo of the Bank as insufficient funds . That, despite several reminders and personal visits the outstanding has not been cleared by the respondent. Ultimately, the applicant was compelled to issue notice under Section 8 dated 14.09.2018 under IB Code along with copy of invoices and ledger demanding the outstanding payment. That, on receipt of the notice dated 14.09.2018, the respondent admitted the debt and issued two cheques one dated 26.09.2018 for ₹ 5.00 lacs and another dated 26.09.2018 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well as by the Registry, none remained present on behalf of the respondent. On perusal of the record it is found that the registry has also issued notice to corporate debtor twice i.e. on 29.01.2019 and 19.03.2019 and as per track report the notice was delivered on 04.02.2019. As such service upon the corporate debtor is complete. Findings: 8. On perusal of the material available on record it is found that service of notice is complete. That, no reply has been filed by the respondent despite issuance of notice by petitioner as well as Registry. That, no dispute has been raised by the respondent. The material available on record-shows that the respondent had issued two cheques but both the cheques were re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 001/IP-P00480/2017-18/10868, under Section 13(l)(c) of the Code. 12. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority directs the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and calls for submission of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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