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TMI Blog2019 (7) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 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 claims under Section 15 as required by Section 13(l)(b) of the Code - it is a fit cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate debtor is ₹ 54,54,00,000/- and paid up share capital is ₹ 54,54,00,000/-. 4. The applicant submitted that it had sold seeds and jute bags to corporate debtor from 02.04.2018 to 21.05.2018 and raised bills against the goods supplied. That, against those bills cheques were issued by the corporate debtor in favour of the applicant. That, said cheques were replaced by the corporate debtor before its due dates with fresh cheque. That, last cheque was issued on 17.08.2018 for an amount of ₹ 5,47,69,909/-, however, the said cheque bearing No. 010960 dated 17.08.2018 drawn on Bank of Baroda, Kapadvanj Branch was dishonoured. That, the operational creditor sold jute bags (sacks in which the castor seeds were s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Certified statement of bank account No. 49520200000348 C 19-58 05 Copies of translated invoices for castor seed, invoices for sacks and debit memo D 59 - 559 06 Copies of invoices of sacks issued by corporate debtor to operational creditor E 560-571 07 Copy of cheque dated 17.08.2018 bearing No. 010960 drawn on Bank of Baroda, Kapadwanj Branch, for ₹ 5,47,69,909/- issued by corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 9 of the Act, will have to determine the following: - (i) Whether there is an operational debt as defined exceeding ₹ 1.00 lakh (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? 10. In view of the aforesaid discussions and before rejecting and/or admitting the application, we must refer to the legislation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal under Section 13(l)(c) of the Code. 14. 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 claims under Section 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 18. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 19. This Petition stands disposed of accordingly with no order as to costs. 20. Communicate a copy of this order to the Applicant, Financial Creditor, Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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