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TMI Blog2020 (2) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... ition IB No. 742/ND/2018 - - - Dated:- 14-10-2019 - Dr. Deepti Mukesh, Judicial Member And Hemant Kumar Sarangi, Technical Member Bharat Arora, Adv. for the Applicant. Rahul Raj Malik and Ramesh Chandra, Advs. for the Respondent. ORDER Dr. Deepti Mukesh, The present application is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s Jagriti Plastics Limited (for brevity 'Operational Creditor') through its authorized representative Mr. Nutan Kumar Vashisht authorized vide Board resolution dated 18.03.2015 with a prayer to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The copy of ledger account is annexed with the present application. The Corporate Debtor kept assuring the Operational Creditor over calls and text messages that the outstanding bills will be cleared. 7. In and around October, 2017, the Corporate Debtor issued 3 post- dated cheques against part payment of said unpaid debt, dated 15.01.2018, 15.02.2018 and 15.03.2018 respectively amounting to ₹ 10,00,000/- each. Out of the said three cheques, two were returned unpaid on presentment with remarks 'payment stopped by drawer'. The Operational Creditor has filed complaints under Section 138 of the Negotiable Instrument Act which are pending adjudication. 8. Inspite of various requests made and reminders sent by the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2017, amount of ₹ 305.24 lacs is liable to be debited against the defective supplies of raw materials. It is further submitted that due to external impurities of the raw material, unfinished goods were returned by the Respondent's customers and further stated that lot of finished material lying in the Respondent's factory remained unsold to the customers of the Respondent. For this reason, invoices amounting to ₹ 305.24 Lacs would be liable to be debited/adjusted in the account of the Applicant. 13. It is further stated by the Corporate Debtor that Applicant agreed to its default and accepted that the invoices would be cleared to the less extent. Upon all adjustments there was only an amount of ₹ 30 lacs payab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Interim Resolution Professional. In view of the same, this Bench appoints Mr. Mr. Rakesh Kumar Jain having registration No. IBBI/IPA-001/IP-P01297/2018-2019/12068 and email address is [email protected] and contact number is 9811455641, as the IRP of the Respondent. The IRP is directed to take all such steps as are required under the statute, more specifically in terms of Sections 15, 17, 18, 20 and 21 of the Code. 20. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Respondent prohibiting proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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