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TMI Blog2019 (9) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... .P. (I.B) NO. 1189 (KB) OF 2018 - - - Dated:- 20-9-2019 - Jinan K.R., Judicial Member And Harish Chander Suri, Technical Member Nirmalya Dasgupta, Shwetaank Nigam and Ms. Aryaa Chatterjee, Adv. for the Applicant. Kaustav Chatterjee, Adv. for the Respondent. ORDER Harish Chander Suri, This application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code ) has been filed by M/s. Bard Roy Infotech Private Limited, through its Director Ms. Aditi Jhawar, duly authorized by Resolution of the Board of Directors dated 30th July, 2018, (hereinafter referred to as the Operational Creditor ) for initiating Corporate Insolvency Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... towards part liquidation of their outstanding dues covered by such invoices and the transaction between the parties was open, mutual, running and continuous. 4. It is submitted that the Corporate Debtor however stopped making payment, compelling the Operational Creditor to issue a demand notice dated 1st June, 2018 demanding a total sum of ₹ 18,91,255/-, which was duly delivered to the Corporate Debtor on 7th June, 2018 as per the track consignment record. The Corporate Debtor sent its reply to the demand notice on 9th June, 2018 admitting its liability and in para 5 of the said reply it is specifically mentioned that we will make the payment of your bills in respect to raised invoices within the period of 120 days from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emand notice has specifically admitted that the request made to clear the liability within 120 days but due to some problems in connection with fund generation it could not make the payment. Even in the rejoinder, the Operational Creditor has reiterated its claim and the prayer. 7. Heard the Ld. Counsel for the parties and have gone through the documents placed on record by the Operational Creditor in support of its claim. The Operational Creditor has fulfilled all the requirements of Section 9 as mentioned above. In our considered view, the Operational Creditor has been able to successfully make out its case for initiating CIRP process against the Corporate Debtor, as while admitting and acknowledging the debt owed by it to the Op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (v) The services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. (vi) The provisions of sub-section (1) shall not apply to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 3,00,000/- (Rupees Three Lacs Only) in the ESCROW Account in SBI to be operated through the Registrar NCLT, Kolkata Bench for the purpose of meeting the preliminary expenses for initiating the CIRP by the Interim Resolution Professional within one week of the date of this order. (xiii) Registry is hereby directed under Section 9(5) of the I B Code, 2016 to communicate the order to the Operational Creditor, the Corporate Debtor and to the IRP by Speed Post as well as through email. (xiv) List the matter on 21.10.2019 for the filing of the progress report. (xv) Certified copy of the order may be issued to all the concerned parties, if applied for, upon compliance with all requisite formalities. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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