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TMI Blog2020 (3) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... fore the bench and file the reply. However, despite service of court notice on the Corporate Debtor, no reply has been filed. Therefore, it is held that the Corporate Debtor does not dispute its liability and has defaulted in the payment to the operational creditor. The Petition made by the Operational Creditor is complete in all respects as required by law. It clearly shows that 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. Petition admitted - moratorium declared. - CP (IB) NO.1737/MB/C-IV/2019 - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ratings, Stair Treads, Trench Covers, Cable Tray, Cable Tray supports and accessories. Further the Operational Creditor supplied the said products to the Corporate Debtor as per the Purchase Order No. TIPL/17-18/Ele/106-R1 dated 31.08.2017 (Annexure 'II' to the petition at p.29). The Operational Creditor raised the invoice bearing No.GST/50/17-18 dated 22.09.2017 (Annexure 'II' to the petition at p.30) for the amount of ₹ 3,31,580/- towards part of the products supplied. 5. The Operational Creditor has submitted that the Corporate Debtor has issued a cheque bearing No.000141 dated 28.09.2017 for ₹ 33,158/- (10% of amount due) (Annexure 'II' to the petition at p.31) drawn on Kotak Mahindra Bank Ltd. Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or (Annexure 'I' to the petition at pp.21-27) in terms of section 8 of the IBC. Proof of service of Demand Notice has been attached (Annexure 'I' to the petition at p.28). The Corporate Debtor has not sent a reply to the Demand Notice. 9. The Operational Creditor has filed an affidavit under section 9(3)(b) of the Insolvency and Bankruptcy Code, 2016 (Annexure 'IV' to the petition at pp.45-47) to the effect that there is no notice given by the Corporate Debtor relating to a dispute of the unpaid operational debt. 10. The Copy of the Petition was served on the Corporate Debtor by Speed Post. Court Notice was also served on the Corporate Debtor on 09.09.2019. Necessary affidavits of services in this regard have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all respects as required by law. It clearly shows that 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. 16. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP(IB) No. 1737/MB/C-IV/2019 filed by Pentax Ferro Incorporate, a proprietary concern represented by its proprietor, Mr. Rajeev R. Kandhari the Operational Creditor, under section 9 of the IBC read with rule 6( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Rajeev Nandkishore Bhatia, Registration No. IBBI/IPA-001/IP-P01384/2018-19/12158, havin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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