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TMI Blog2020 (5) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... rly 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. Application admitted - moratorium declared. - CP (IB) 1181/MB/C-IV/2018 - - - Dated:- 18-10-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member For the Appellant : Zaid Mansuri, Adv. ORDER RAJASEKHAR V.K., JUDICIAL MEMBER 1. This is a Company Petition filed under section 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor for the following three projects (para 1 of Part IV at page 5 of the Petition); (i) ACC-1X-8 MW - Al Ghurair Resources Oils Proteins LLC, Dubai [Dubai Project] (para 1 of Part IV at page 5 of the Petition); (ii) ACC-1X-14.85 MW Power Plant [Gokul Project] (para 1 of Part IV at page 5 of the Petition); (iii) ACC-1X-30 MW Power Plant [Jeppiar Project], Kanchipuram, Tamil Nadu (para 1 of Part IV at page 5 of the Petition); (iv) The conditions governing payment were that in respect of the Dubai Project and the Jeppiar Project, 20% of the invoice amount was to be paid upfront, while the remaining 80% was to be paid upon submission of documents proving dispatch. As regards Gokul Project, the entire payment (100%) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor has remained unrepresented at the hearings on various dates. It has also not submitted any reply in the matter. 9. We have heard the arguments of the Learned Advocate for the Operational Creditor and perused the records. 10. It is noted that the Corporate Debtor has admitted the liability by the letter dated 12-2-2018, at pp.34-35. There is no reply on behalf of the Corporate Debtor. 11. There is unequivocal admission of the debt due and payable to the Operational Creditor in the letter dated 12-2-2018 (at pp.34-35), which is the reply to the Demand Notice dated 27-12-2017 (at pp.28-33). 12. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... close, 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. (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 notif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... receipt of this Order, in default of which coercive steps will follow. (h) The Operational Creditor shall deposit a sum of ₹ 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). (i) 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. (j) A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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