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TMI Blog2019 (10) TMI 595X X X X Extracts X X X X X X X X Extracts X X X X ..... [IRP]. The Operational Creditor in the case in hand, succeeds in proving all the ingredients of Section 9(5)(i) of the Code and therefore, the application is liable to be admitted. The application filed by the Operational Creditor under Section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Kampilya Builders Private Limited is hereby admitted - Moratorium declared. - C.P. (IB) No. 650/KB/2018 - - - Dated:- 26-7-2019 - SHRI MADAN B. GOSAVI MEMBER (JUDICIAL) For The Operational Creditor : Mr Deepak Agarwal And Mr Prasun Mukherjee For The Corporate Debtor : Mr. Shounak Mitra, Ms. Amrita Pandey And Ms. Anamika Pandey ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor failed and neglected to pay the operational debt, therefore the Operational Creditor issued a Demand Notice dated 26.03.2018 under Section 8 of the I B Code calling upon the Corporate Debtor to pay the operational debt. The Demand notice was sent to the Registered Office as well as the Regional Office of the Corporate Debtor. The Corporate Debtor replied to demand notice, admitting the dues but failed to make the payments. 3. Notice was served on the Corporate Debtor/Respondent who entered an appearance on 27.07.2018. 4. The facts in brief, as stated by the Corporate Debtor in its affidavit of reply filed on 27.11.2018 are the following: - a. That the Corporate Debtor had from time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies of waybills are annexed to the application and are collectively marked as Annexure A ; b. Copies of tax invoices are annexed to the application and are collectively marked as Annexure B ; c. Copy of Ledger Account is annexed and marked to the application as Annexure C ; d. Copy of the Demand Notice in the prescribed under Section 8 of the I B Code along with the postal receipt and track report has been annexed with the application and marked as Annexure E and Annexure F respectively; e. Copy of the reply of the Demand Notice is annexed with the application and marked as Annexure G ; f. An affidavit under Section 9[3](b) of the I B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor stating that the Corporate Debtor is unable to pay the outstanding dues of the Operational Creditor due to circumstances and factors wholly beyond the control of the Corporate Debtor. 10. The Operational Creditor has not proposed the name of an Interim Resolution Professional [hereinafter referred to as the I.R.P.]. The Operational Creditor in the case in hand, succeeds in proving all the ingredients of Section 9(5)(i) of the Code and therefore, the application is liable to be admitted. 11. In view of the above-said discussion, the application filed by the Operational Creditor under Section 9 of the Insolvency Bankruptcy Code, 2016 is admitted upon the following orders: - a. The applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); iv. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. e. The services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. f. The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. The order of moratorium shall have effect from the date of admission till the completion of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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