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TMI Blog2017 (9) TMI 1850X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Corporate Debtor. 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 conscientious view that this Petition deserves 'Admission' - petition admitted - moratorium declared. - TCP NO. 1206/IBS/NCLT/MB/MAH/2017 - - - Dated:- 13-9-2017 - M.K. SHRAWAT AND Bhaskara Pant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SMT. 6. The Petitioners say that as per the terms of the said Work Order, ISMT had to pay 50% advance amount of Work order and therefore, ISMT discharged its contractual obligations by advancing 50% of the contract price i.e. ₹ 2,60,00,000/- (Rs. Two Crores Sixty Lakhs Only) for supply of the materials. 7. The said advance amount was secured by Fieldspares by providing Post Dated Cheque of ₹ 1,25,00,000/- as additional security and Bank Guarantees of ₹ 50,00,000/- as collateral security. In spite of advance payment made by ISMT, Fieldspares did not supply the coal to ISMT, and refrained to reinstate the expired securities of PDCs and Bank guarantees, thereby breached the Work Order. 8. It was sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence in respect of the impugned outstanding amount. 15. 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 Corporate Debtor. 16. We have perused the notice sent under section 8(2) of the Insolvency and Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribed under section 31 of the Code. 20. 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. 21. 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 this Bench. 22. The IRP so appointed shall also comply the other provisions of the Code including section 15 of The Code. Further the IRP is hereby directed to inform the progress of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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