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TMI Blog2020 (2) TMI 1074X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition - In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) NO. 2924/MB/C-IV/2019 - - - Dated:- 2-12-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member C.S. Varada Bhide for the Applicant. Ms. Ruchita Shah for the Respondent. ORDER Rajasekhar V.K., This is a Company Petition filed under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... five only) on the Corporate Debtor (para 1 of Part IV at page 14 of the Petition); (c) The Operational Creditor sent two reminders dated 24.11.2018 (p.57 of the petition) and 02.01.2019 (p.58 of the petition) for payment (para 1 of Part IV at page 14-15 of the Petition); (d) The Corporate Debtor has, vide letter dated 30.01.2019 (p.59 of the petition) also acknowledged receipt of the invoice and stated that the payment would be made shortly (para 1 of Part IV at page 15 of the Petition); (e) The Corporate Debtor also confirmed the letter on 01.04.2019 (p.60 of the Petition) confirming the balance payable to the Operational Creditor (para 1 of Part IV at page 15 of the Petition). 5. Invoices have been placed on record as Exhibit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 13. The Operational Creditor has proposed the name of Mr Bhavesh Mansukhbhai Rathod, Registration No.IBBI/IPA-001/IP-P01200/2018-19/11910, as the Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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