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TMI Blog2020 (4) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Process (CIRP) against Tribhovandas Bhimji Zaveri & Sons Retail Private Limited ("the Corporate Debtor"). The Corporate Debtor has furnished information in Form 5 under Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, in the capacity of Operational Creditor on 6-8-2018. 2. In the requisite Form, Under the Head Particulars of Operational Debt the total Debt is stated to be a sum of of Rs. 6,10,42,439.00 (Rupees six crores ten lakh forty-two thousand four hundred thirty-nine only). The date of default was 9-5-2018. 3. The Corporate Debtor is a private company limited by shares and incorporated on 26-3-2015 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Since the Corporate Debtor failed to make a payment exept on 9-5-2018, the Operational Creditor has filed this Petition on 6-8-2018 before this Adjudicating Authority. 7. As per section 9(3)(b) of the I&B Code, the Operational Creditor has stated on affidavit that in response to the Demand Notice the Corporate Debtor has neither made a payment towards the outstanding dues nor raised any dispute. Further, Operational Creditor states that there is no dispute in existence about the unpaid operational debt. This affidavit is placed on record forms part of the petition. 8. The copy of the Petition was served on the Corporate Debtor in advance and Learned Counsel appeared in behalf of Corporate Debtor. The Corporate Debtor has not filed a repl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unts as on 1-7-2018 which proves acknowledgement of debt on part of Corporate Debtor. 12. There is no pre-existing dispute regarding the unpaid operational debt, being the principal amount of Rs. 6,10,42,439.00 (Rupees six crores ten lakh forty-two thousand four hundred thirty-nine only). The invoices for the period of 2-11-2015 to 25-6-2018 were raised upon the Corporate Debtor on a running account basis, but the outstanding dues were not paid. Thus, the existence of debt and default is established. 13. The matter came up for hearing on 3-12-2018, 14-1-2019, 14-3-2019, 7-5-2019, 18-6-2019, 31-7-2019, 26-8-2019, 23-9-2019 and 6-11-2019 Several opportunities and extensions were given for Settlement of claims as demanded by Learned Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; iv. The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. 17. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. 22. The Operational Creditor shall deposit a sum of Rs. 1,00,000/-(Rupees one lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). 23. The Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. 24. A copy of this Order be sent to the Registrar of Companies, Maharashtra, Pune, for updating th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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