9911796707
TMI Blog2019 (12) TMI 1296X X X X Extracts X X X X X X X X Extracts X X X X ..... olution dated 15.02.2019 UIs. 9 of the Insolvency and Bankruptcy Code, 2016 read with Rules 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, with a prayer to initiate the Corporate Insolvency Resolution Process against M/S. Dugal Associates Pvt. Ltd. (for brevity the Corporate Debtor). 2. The applicant is a Company incorporated as private limited company on 30.4.2003 under the provisions of Companies Act, 1956 having CIN U26950MH2003PTC140226. The applicant is engaged in the business of Aluminum Sheets, Roofing Sheets, Galvanized Sheets, False Ceilings, Roofing, Roof Light Sheets, Roofing Material Dealers, Aluminium Roofing Sheets Dealers, Roofing Sheets and takes the work orders for various kinds of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utstanding amount of Rs. 28,26,817.95/- towards principal amount, along with interest to the Operational Creditor. The Corporate Debtor vide email dated 27th February, 2018 has admitted the delay and default in making payments and had stated that they shall be clearing the dues at the earliest. However, despite the same the Corporate Debtor failed, neglected and defaulted to make the payment of the said outstanding amount along with interest. 7. Since the Corporate Debtor failed and neglected to make the payment of the said outstanding amount along with the interest the Operational Creditor was constrained to issue a demand notice dated 28th May. 2018 as per Form 3 and under sub-section (1) of section 8 of the Insolvency and Bankruptcy Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordered to proceed exparte on 29.07.2019. 12. After hearing the counsel for the applicant and the admission in form of email from the CD with respect to the debt falling.due the default is proved beyond doubt. The CD has neither replied nor appeared for defending the application and thus application deserves to be admitted. 13. The registered office of corporate debtor is situated in New Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 14. The present application is not barred by limitation as the date of deault is 28.07.2017 as per part IV of Form 5 and application is filed on 28.09.2019. 15. The applicant has filed an affidavit in compliance of Section 9(3)(b) stating no notice of dispute was r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be paid back to the operational Creditor. 19. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor prohibiting all of 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 se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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