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TMI Blog2019 (10) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... t of ₹ 14,78,496/- along with interest of ₹ 5,83,297/- totalling to ₹ 20,61,793/-. Thus, debt on the Corporate Debtor is proved by the Operational Creditor. The application made by the Operational Creditor is complete in all respects as required by law. It clearly 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dred ninety seven only) as interest aggregating to ₹ 20,61,793 (Rupees twenty lakhs sixty one thousand seven hundred ninety-three only) as on 01.09.2017 which is the date of default. 4. The case of the Operational Creditor is as follows: - (a) The Operational Creditor has stated that the Operational Creditor has sold, supplied and delivered the goods to the Corporate Debtor under their five invoices, in the aggregate sum of ₹ 24,78,496/- (Rupees twenty-four lakhs seventy eight thousand four hundred ninety six only). (b) The Operational Creditor further stated that the Corporate Debtor agreed and promised to pay within 10 days and if delayed also agreed to pay interest at the rate of 24% p.a. The Corporate Debtor has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 489,405/- at pg. 11 v) Invoice No. 309 dated 14.08.2017 of ₹ 464,625/- at pg. 12 10. It is observed that the Demand Notice dated 13th April, 2018 was served on the Corporate Debtor and the same was delivered by speed post to the Corporate Debtor. The acknowledgement for the delivery has been submitted by the Operational Creditor. 11. The Corporate Debtor has made part payment of ₹ 10,00,000/-(Rupees ten lakhs only), and the remaining principal amount of ₹ 14,78,496/- (Rupees fourteen lakhs seventy-eight thousand four hundred ninety-six only) along with interest of ₹ 5,83,297/-(Rupees five lakh eighty-three thousand two hundred ninety-seven only) totalling to ₹ 20,61,793/- (Rupees twenty lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 Operational 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,- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant with Regulations, Circulars and Directions issued by the Insolvency Bankruptcy Board of India (IBBI) as may be applicable. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish 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. (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. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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