9911796707
TMI Blog2019 (2) TMI 1833X X X X Extracts X X X X X X X X Extracts X X X X ..... hence this petition is filed under Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, by Operational Creditor to initiate Corporate Insolvency Resolution Process, under the Insolvency and Bankruptcy Code, 2016. 2. Averments in Brief: A. It is averred that operational Creditor M/S. Cosmic Chemicals is a partnership firm Registered with Directorate of Industries State of Maharashtra, as a MSME unit, engaged in the manufacture of Chemicals like Metallic Salts. B. It is averred that corporate debtor had been doing business with the operational creditor since 2015. During the course of business transactions, corporate debtor had raised purchase or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the materials supplied. The total outstanding balance is Rs. 32,02,543/- being the principle amount for the material supplied to the corporate debtor. F. It is averred that despite demands made by the operational creditor for clearing the dues the corporate debtor approached the Micro and Small Enterprises Facilitation Council ,Konkan for a claim under section of the MSME Act, 2016 on 13.05.2016. The council Registered the claim and held conciliation and later called in for arbitration and finally passed an order dated 23.05.2018 directing the corporate debtor to pay Rs. 32,02,543/- along with interest as per section 16 of the MSME Act, 2006. It is averred that on receipt of the order which has now become decree the corporate debtor av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -2 vide memo. He has also certified there are no disciplinary proceedings pending against him either with the Board or ICSI. He has enclosed certificate of Registration. 7. The Adjudicating Authority is satisfied that the Corporate Debtor failed to discharge its liability mentioned in the Petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), resulting occurrence of default for an amount of Rs. 32,02,543/-. 8. Hence, the Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions:- (a) The Bench hereby prohibits the institution of suits or continuation of pending suit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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