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TMI Blog2019 (4) TMI 1739X X X X Extracts X X X X X X X X Extracts X X X X ..... . - (IB)-202/(ND)/2019 - - - Dated:- 23-4-2019 - SMT. INA MALHOTRA, MEMBER (J) AND DR. V.K. SUBBURAJ, MEMBER (T) For The Petitioner : Karan Sethi, Adv. ORDER Per : Smt. INA Malhotra, Member. (J) The present petition has been filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (herein after referred to as the Code ), praying for initiation of the Corporate Insolvency Resolution of the Respondent/Corporate Debtor for its inability to liquidate its outstanding debt towards them. 2. As per averments, the petitioner, a registered partnership firm, is engaged in the manufacture of Industrial Automation Equipment. The Corporate Debtor, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation charges. It is the submission of the Operational Creditor that the equipment has been working properly since the upgraded motor was installed and therefore there was no reason for the Corporate Debtor to hold back its dues. 4. The outstanding dues of ₹ 2,11,102/- inclusive of accrued interest @ 24% p.a. has been made the basis of the present petition. Notice under Section 8 of the Code was issued to the Corporate Debtor which was duly delivered, but was not replied to. The present petition has been filed in the required format complying with the provisions of Sections 9(3) (b) 9(3) (c) of the Code. 5. Upon filing of the present petition, the Corporate Debtor was issued notice. Since they failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h transactions as maybe notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case maybe. 7. The Operational Creditor has not proposed the name of any IRP. Accordingly, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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