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TMI Blog2019 (3) TMI 1665X X X X Extracts X X X X X X X X Extracts X X X X ..... have been completed by the Petitioner/ Operational Creditor, it is my conscientious view that this Petition deserves Admission . Application admitted - moratorium declared. - C.P. (IB)-3284/(MB)/2018 - - - Dated:- 6-3-2019 - Shri M.K. Shrawat, Member (Judicial) For The Petitioner (s) : Mr. Amey Hadwale, Advocate For The Respondent (s) : None ORDER 1. A Petition has been filed in Form No.5 on 29.08.2018 by M/s. Raj Process Equipments and Systems Pvt. Ltd., in the capacity of Operational Creditor by invoking the provisions of Section 9 of the Insolvency Bankruptcy Code, 2016 against the Corporate Debtor M/s. Welcome Distilleries Pvt. Ltd., Chhatisgarh-495001, to claim an outstanding Operational Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 225,012 30/06/2018 1495 221,190 5 Sales Invoice UNIT-II/INV/14-15/122 27/05/2014 225,012 225,012 30/06/2018 1495 221,190 6 Sales Invoice 00843 11/02/2015 57,034 57,304 30/06/2018 1235 46,534 7 Sales Invoice 00990 31/03/2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overdue bill payments. unquote. 3. It is worth to mention that as per payment terms placed on record, the payments are due on stages, reproduced below:- 1.0. For all Equipments: 20% Advance along with Purchase Order. 10% After submission of Civil and Structural drawings. 20% After completion of Civil and structure. 30% payment should be made within dispatch of materials (against proof of dispatch in 02 lots of 15% and 15%) 10% on erection and balance against successful commissioning (PDC-45 days) and RAJ will give bank guarantee for 10% of total value. 2.0. Deliveries and Commissioning 1) Supply of Plant and Machinery: After signing of techno-commercially clear c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perational Creditor issued Demand Notice in Form No.3 on 30.07.2018. However, no reply has been sent by the Corporate Debtor against the said Demand Notice. FINDINGS:- 7. Considering the totality of the facts and circumstances of the case discussed supra, I am of the opinion that the default as defined u/s. 3(12) of The Code is established. Demand Notice has been issued to the Respondent Debtor, however, the Respondent Debtor had not replied to the said Demand Notice within the prescribed time period of 10 days u/s.8(2) of The Code nor made the payment. 8. The Petition was listed on 03.01.2019 and 05.03.2019. However, the Corporate Debtor was not attending on any of the said dates of hearing. 9. As a consequence, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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