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TMI Blog2020 (3) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... ects 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 - From the material available on record, apparently there is nothing that would point to the petition being collusive in nature. Petition admitted - moratorium declared. - CP (IB) NO. 4238/MB/C-IV-2018 - - - Dated:- 3-12-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor has sold, supplied and delivered steel materials during the period from 11.06.2016 till 22.08.2016 for aggregating sum of ₹ 16,27,915/- (Part IV, para 1 at page 3 of the Petition) under ten invoices; (ii) With respect to Invoice No. 141 dated 11.06.2016 of ₹ 4,69,481/- part payment of ₹ 3,96,205/- has been received by Operational Creditor but with respect to Invoice Nos. 142 dated 28.07.2016, 251 dated 26.09.2016, 252 dated 26.09.2016,254 dated 26.09.2016, 267 dated 09.10.2016 and 266 dated 10.10.2016, the Corporate Debtor failed and neglected to make payment in aggregate of ₹ 6,97,915/-. (Part IV para 3 at page 4 of the Petition); (iii) In discharge of the said liability, the Corporate Debtor had issued tw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n existence about the unpaid operational debt. This affidavit is placed at pp. 42-43 of the petition. 9. The copy of the Petition was served on the Corporate Debtor on 20.11.2018. Necessary Proof of service in this regard have been placed on record by way of separate affidavit of service. The Corporate Debtor has not filed a reply to the Petition. 10. Mr. Avinash R Khanolkar, Learned Counsel appeared on behalf of the Corporate Debtor and made following submissions in his memo of appearance dated 11.10.2019: a. The liability of debt is acknowledged by the Corporate Debtor. b. Furthermore, it was stated that the Corporate Debtor is not able to pay its liability towards the Operational Creditor. c. Due to inability of payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laim of Operational Creditor is not disputed and the liability is acknowledged. The Corporate Debtor does not want to contest this Petition. 16. From the material available on record, apparently there is nothing that would point to the petition being collusive in nature. 17. The application 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. In view of this, this Adjudicating Authority admits this Petition and order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential 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 unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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