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TMI Blog2019 (10) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... orm its obligation nor could repay the amount received from the Operational Creditor - there is a clear admission of the outstanding debt due to the Operational Creditor by the Corporate Debtor. The Operational Creditor has fulfilled all the requirements of law for admission of the Application. This Authority is satisfied that the Corporate Debtor has committed default in making payment of the outstanding debt claimed by the Operational Creditor - Application admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... r making paint coating on the Window Grills and Door Grills with corrosion protected paint using C E D process. The Corporate Debtor vide its letter dated 17.12.2014 demanded ₹ 3,00,000/- to be paid in full before taking up the job. 7. On 27.02.2015, the Operational Creditor has made a substantial advance money of ₹ 1,75,000/- to the Corporate Debtor and requested the Corporate Debtor to execute the order and send back the Grills Windows and Doors at an early date. However, the Corporate Debtor unilaterally cancelled the order and wrote a letter on 02.03.2015, assuring to return ₹ 1,75,000/- received as advance amount. 8. The Operational Creditor wrote various letters to the Corporate Debtor on 31.03.2015, 31.03.2016, 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Operational Creditor remitted ₹ 1,75,000/- through ICICI Bank and requested the Corporate Debtor to execute the orders. By the time the Corporate Debtor received the advance money, the Corporate Debtor could not enter the factory. Therefore, they cancelled the orders and wrote a letter on 02.03.2015, assuring to return ₹ 1,75,000/- received as advance amount. 12. The Operational Creditor sent a letter to the Corporate Debtor demanding ₹ 3,13,409/-. However, the Corporate Debtor could not repay the demanded amount. On 26.10.2018, the Operational Creditor also sent a Notice in Form -3 to the Corporate Debtor demanding ₹ 3,13,409/- within 15 days to which the Corporate Debtor responded that the amount shall be retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 14 of the I&B Code, 2016. It is ordered to prohibit all of the following, namely :- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any Court of law, Tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the IRP as stipulated under Section 19 for the purpose of discharging his functions under Section 20 of the I&B Code, 2016. 19. The Operational Creditor and the Registry are directed to send the copy of this Order to IRP with immediate effect, so that he could take charge of the Corporate Debtor's assets etc., and make compliance with this Order as per the provisions of I&B Code, 2016. The e-mail and other details of the IRP are as follows: - Mr. J. Manivannan, Reg. No. IBBI/IPA-002/IP-N00534/2017-2018/11695, Plot No.53B, 8/330, Vishalakshi Nagar, Fourth Cross Street, Santhosapuram, Chennai, Tamil Nadu - 600 073 Ph: 91-99623 78774 Email ID: [email protected] 20. The Registry is directed to communicate this Order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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