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TMI Blog2020 (4) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor sent to the Operational Creditor in response to its demand notice - There does not seem to be any plausible defence on the side of the Corporate Debtor in the light of all the documents placed on record and referred to by the Operational Creditor. The Operational Creditor has not proposed the name of any IRP. The application filed by the Operational Creditor under section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Duncans Industries Limited is hereby admitted - Moratorium is declared for the purposes referred to in section 14 of the Insolvency Bankruptcy Code, 2016. - C.P. (IB) NO. 573/KB/2018 - - - Dated:- 18-12-2019 - Jinan K.R., Judicial Member And Harish Chander Suri, Technical Member Sonal Shah and Kushagra Shah, Advs. for the Appellant. A.K. Awasthi, Adv. for the Respondent. ORDER Harish Chander Suri, 1. This petition under section 9 of the Insolvency Bankruptcy Code, 2016 has been filed by M/s. Tirupati Timber Packaging Limited, through One of its Directors Mr. Niraj Gupta, authorized vide Board Resolution dated 25-10-2017, hereinafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017. 6. The Operational Creditor has further submitted that the defence raised by the Corporate Debtor in the reply to the notice is a moonshine. The Operational Creditor has filed a copy of the ledger account from 1st April, 2011 to October, 2017 which reflects various debits and credits entries and the last payment has been shown to have been received from the Corporate Debtor on 19th January, 2015 being ₹ 2,49,637.50 followed by entry dated 31st March, 2015 in respect of the credit note issued by the Operational Creditor to be ₹ 13,387.50. So, the date of default has been taken as 31st March, 2015 and the date of filing of the present petition is 23rd March, 2018, which is very much within the period of limitation. 7. The Operational Creditor has also filed a copy of the consolidated statement of invoices as on 31st October, 2017 which reflects the corresponding figure of ₹ 10,474/- being the amount of bill dated 6th December, 2014 for the goods ordered on 8th December, 2014. The Operational Creditor has also filed a copy of the letter dated 13th January, 2016 written to the Director of the Corporate Debtor which reads as under:- Sub: Outstanding and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made under section 16D or 16E except with the previous permission of the Central Government or of any officer authorized by the Government for this purpose. 10. lt is denied by the Corporate Debtor that a sum of ₹ 23,75,812/- or any part thereof is due from the Corporate Debtor to the Operational Creditor. The Operational Creditor filed rejoinder to the reply denying the allegations of the Corporate Debtor and stated that each and every allegation and contention and statements made in the reply are denied and disputed. It is stated that even in the reply to the demand notice there is no mention of any dispute as regards the claim of the Operational Creditor as alleged. It is denied that the claim of the Operational Creditor is barred by limitation. It is stated that though the last supply was made on 6th December, 2014 but the last payment was received on 19th January, 2015 and as such the claim is not at all barred by limitation by any stretch of imagination. 11. We have heard the ld. Counsel for the parties at length and gone through each and every documents placed on records. The record is very much clear as regards supplies and payments received. The letter dated 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency Bankruptcy Code, 2016 shall be made immediately. (iv) Moratorium under section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following:- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor 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 corporate debtor 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 corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (v) The supply of essential goods or services to the corporate debtor as maybe specified shall not be terminated, suspended, or interrupted during morator ..... X X X X Extracts X X X X X X X X Extracts X X X X
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