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TMI Blog2020 (6) TMI 720X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor is not interested in contesting the present petition. 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 at the relevant time. 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. Petition admitted - moratorium declared. - CP (IB) No.3976/MB/C-IV/2018 - - - Dated:- 10-6-2020 - Mr. Rajasekhar V.K., Hon'ble Member ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g with interest thereon 4. The case of the Operational Creditor is as follows: - (a) In May 2016, the Corporate Debtor through its Chief Executive Officer (CEO), Mr Neel Shah, approached the Operational Creditor with the intention of purchasing sports merchandise for its club, such as T-shirts, practice jersey, track suits, shorts, travel bags, stockings etc., personalised with the Corporate Debtor's logo. The Corporate Debtor also detailed the specifications and requirements for the aforesaid merchandise and asked the Corporate Debtor to supply the same (para 2 at page 4 of the Petition); (b) Subsequently, the Corporate Debtor, vide its email dated 31.05.2016, instructed the Operational Creditor for samples of the merchandise, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... EE/16-17/096 2,70,644 5. 25.10.2016 BEE/16-17/097 2,46,047 6. 04.11.2016 BEE/16-17/099 56,823 7. 10.01.2017 BEE/16-17/127 5,56,361 8. 10.01.2017 BEE/16-17/128 32,865 Total 42,17,421 (para 7 at pages 6-7 of the Petition); (g) The Corporate Debtor was always irregular in making payments. Instead of making invoice-wise payments, the Corporate Debtor would make on account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appearance nor filed a reply to the Petition. 8. We have heard the arguments of the Learned Counsel for the Operational Creditor and perused the records. 9. There has been no communication in reply from the Corporate Debtor to the Demand Notice dated 27.04.2018, in spite of receiving the same by Speed Post. The Demand Notice was also sent by FedEx Courier on 02.05.2018. Affidavit of Service dated 09.12.2019 has been placed on record. 10. In spite of various opportunities given, there was no representation on behalf of the Corporate Debtor. Therefore, it appears that the Corporate Debtor is not interested in contesting the present petition. 11. The application made by the Operational Creditor is complete in all respects as requi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the progress of the CIRP of the Corporate Debtor. (i) The Operational Creditor shall deposit a sum of ₹3,00,000/- (Rupees three 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 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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