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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 ..... or 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 Process against M/s. Rahul Telematic and Software Technologies Limited, a Corporate Entity having its registered office at Kolkata, West Bengal (hereinafter referred to as the "Corporate Debtor"). 2. It is submitted in the application that the Corporate Debtor Company has authorised capital of Rs. 2,00,00,000/- with paid up capital of Rs. 5,20,000/-. The Operational Creditor is engaged in the business of marketing and supply of Computer Hardware and Software products and had supplied goods to the Corporate Debtor as and when the orders were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ara 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 date of this reply and all operational debts will be paid within the aforesaid date". 5. It is further submitted that the Corporate Debtor failed to comply with its commitment necessitating the filing of the present application under Section 9 of the Code. The Operational Creditor has filed all the relevant documents in support of its claim and has proposed the name of Mr. Rakesh Kumar Agarwal as the proposed Interim Resolution Professional who has filed Form No. 2 under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 agreeing to ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make out its case for initiating CIRP process against the Corporate Debtor, as while admitting and acknowledging the debt owed by it to the Operational Creditor it has shown its helplessness to pay the amount and clear its liability towards the Operational Creditor. In the result, we have no other option but to admit the petition with the following directions/orders:- ORDERS (i) 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, M/s. Rahul Telematic and Software Technologies Limited is hereby admitted. (ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od. (vi) 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. (vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (ix) Necessary public announcement a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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