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TMI Blog2019 (6) TMI 1460X X X X Extracts X X X X X X X X Extracts X X X X ..... d in terms of section 9(5) of the IBC, 2016 and the moratorium shall come in to effect as of this date. - I. B. No. 310/ND/2019. - - - Dated:- 14-6-2019 - R. Varadharajan Judicial Member And Ms. Deepa Krishan Technical Member For the Petitioner : Neeraj Yadav , Sidharth Arora And Aditi Sharma For the Respondent : Manoranjan And Nutan Sinha ORDER 1. The above petition has been filed under the provisions of section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the IBC, 2016 ) by Suman Chadha (hereinafter referred as the operational creditor/applicant ), against Lifestyle Fitness P. Ltd. (hereinafter referred as the corporate debtor ) having CIN No. U92419DL2011PTC229377. 2. It is submitted by the ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , a statutory demand notice dated December 3, 2018 was issued by the operational creditor as required under the provisions of the IBC, 2016 wherein the amount in default of a sum of ₹ 26,85,907 (rupees twenty six lakhs eighty five thousand nine hundred and seven only) was demanded and calling upon the corporate debtor to repay the unpaid operational debt within 10 days or to demonstrate that the amount claimed as in default has been paid or in the alternative to provide for the existence of any dispute in relation to the unpaid operational debt. The said notice was duly received by the corporate debtor and vide letter dated December 17, 2018 the operational creditor received a detailed reply from the corporate debtor. 4. The operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor has placed on record the copies of cheque bearing Nos. 373130, 373129, 694739, 694738, 694694, 694693, 269802, 269803, 269804, 269806, 269807 and 269808 dated April 30, 2017, June 30, 2017, July 31, 2017, September 30, 2017, December 25, 2017, October 31, 2017, March 31, 2018, March 31, 2018, March 31, 2018, June 27, 2018, July 12, 2018 and August 12, 2018 respectively. Copies of cheque deposit receipt dated September 20, 2018 and copies of the cheque returned memo dated September 27, 2018 and certificate issued by the Canara Bank, New Delhi dated January 11, 2019 have also been placed on record. 8. The corporate debtor has filed its reply to the petition, on April 23, 2019 and represents that when the respondent received a notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any person to receive the said sum on its behalf. The operational creditor has established the existence of debt and default by the corporate debtor company. The Tribunal in the circumstances is of the view that the corporate debtor is unable to give satisfactory explanation in relation to any pending dispute or the claim being paid and that this petition requires to be admitted in view of the default and that CIRP is required to be initiated against the corporate debtor. 10. Since the applicant has not named the insolvency resolution professional, this Tribunal based on the list furnished by the Insolvency and Bankruptcy Board of India appoints Mr. Shyam Arora, No. IBBI/IPA-002/ IP-N00546/2017-18/11703, e-mail : [email protected], ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (1) shall not apply to such trans actions as may be notified by the Central Government in consultation with any financial sector regulator. The duration of the period of moratorium shall be as provided in section 14(4) of the IBC, 2016 and for ready reference reproduced as follows : (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process : Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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