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TMI Blog2020 (2) TMI 1073X X X X Extracts X X X X X X X X Extracts X X X X ..... by Kotak Bank, to the effect that they have not received any payment by way of cheque from the Corporate Debtor for the period 04.06.2019 to 05.07.2019. The Application as has been filed by the Operational Creditor is admitted and consequently Corporate Insolvency Resolution Process is initiated - application admitted - moratorium to come into force. - IBA/913/2019 - - - Dated:- 7-11-2019 - R. Varadharajan, Judicial Member And Anil Kumar B., Technical Member Ms. Varsha Balasubramanian, Counsel for the Applicant. ORDER R. Varadharajan, 1. Under Adjudication is an Application that has been filed by M/s. NTC Logistics India (P) Ltd. (hereinafter referred to as 'Operational Creditor') under Section 9 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts the fact that the Operational Creditor was engaged by the Corporate Debtor to provide services such as Transportation and Logistics Services including Customs House Agent and Freight Services. The details of the invoices which has become due and the Corporate Debtor has failed to pay is as follows:- Sl. No. Date of Invoice Invoice No. Invoice Amount 1 30.11.2018 318-INV-81142051099 ₹ 1,75,365 2 14.02.2019 318-INV-90242050470 ₹ 2,18,943 TOTAL ₹ 3,94,308 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Creditor has filed the Affidavit of Service, in which it has been stated that in relation to the notice ordered to be sent, the cover was returned with an endorsement Unclaimed . However, from the records, it is evident that the Registry has sent a notice to the Corporate Debtor on 27.09.2019, which was delivered to the Corporate Debtor on 09.10.2019. In spite of receiving the notice from the Registry, there is no appearance from the Corporate Debtor despite put on notice of the proceedings and hence we are constrained to proceed with the matter in the absence of the Corporate Debtor. 8. The Operational Creditor has filed Affidavit by complying with Section 9 (3) (b) of the I B Code, 2016, along with the typed set of document wherei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent 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 respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o perform the functions assigned to her in accordance to Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. Based on the above terms, the Application stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come into effect as of this date. A copy of the Order shall be communicated to the Operational Creditor as well as to the Corporate Debtor above named by the Registry. In addition, a copy of the Order shall also be forwarded to IBBI for its records. Further, the Interim Resolution Professional above named who is figuring in the list of Resolution Professionals forwarded by IBBI be also furnished with copy of this Order forthwith by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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