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TMI Blog2019 (11) TMI 1532X X X X Extracts X X X X X X X X Extracts X X X X ..... Suchitra Kanuparthi, Member (J) 1. This company Petition is filed by Onward Chemicals Private Limited (hereinafter called Petitioner ) seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Supreme Bituchem India Private Limited (hereinafter called Corporate Debtor ) alleging that the Corporate Debtor committed default on 23.11.2018 in making payment of ₹ 3,08,290/- along with interest @24% p.a. from 23.11.2018 onwards, by invoking the provisions of Section 8 and 9 of the Insolvency Bankruptcy Code (hereinafter called Code ) read with Rule 5 and 6 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The petition reveals that on 19.09.2018 and 20.10.2018, the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,00,000/- leaving balance outstanding of ₹ 3,08,290/-. However, there was no reply from the Corporate Debtor for the Demand Notice and the Petitioner has filed affidavit as required under Section 9(3)(b) of the Code stating that there was no notice of dispute given by the Corporate Debtor. 6. The counsel for the Petitioner submitted that the petition was served on the Corporate Debtor and proof of service was filed to that effect. Subsequently, the counsel for the Petitioner intimated the date of hearing to the Corporate Debtor but there was no representation from the Corporate Debtor's side. 7. On going through the Petition and on hearing of the submissions of the Counsel for the Petitioner, it is amply clear that the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) that the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) that the order of moratorium shall have effect from 04.11.2019 till the completion of the CIRP or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under section 33, as the case may be. (e)that the public announcement of the CIRP shall be made immediately as specified under Section 13 of the Code. (f) that this Bench hereby appoints Ms. Pinkush Jaiswa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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