9911796707
TMI Blog2021 (4) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... ntitled to claim its dues, which remain unpaid by the Corporate Debtor. In the light of above facts and circumstances the present application is liable to be admitted and CIRP ordered against the Corporate Debtor. Petition admitted - moratorium declared. - IBA/22/KOB/2020 & IBA/23/KOB/2020 - - - Dated:- 23-3-2021 - Hon ble Shri Ashok Kumar Borah, Member ( Judicial ) For the Operational Creditors : Shri Aswin R.Patel, Advocate along with Shri Cimil C.Kottalil, Advocate For the Corporate Debtor : No appearance (Exparte) ORDER Since IBA/22/KOB/2020 and IBA/23/KOB/2020 contain identical claims of the Operational Creditors (1) M/s. Ambani Vitrified Pvt Limited and (2) M/s. Airson Ceramic Industries against the Corporate Debtor M/s. Nassco Trading India Private Limited, as such both the cases are clubbed together and passed the following common order. 2. These applications were filed by, M/s. Ambani Vitrified Pvt Limited (IBA/22/KOB/2020) and M/s. Airson Ceramic Industries (IBA/23/KOB/2020), Operational Creditors under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) for initiating Corporate Insolvency Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01/08/2016 3,20,986/ 9 713 01/08/2016 3,21,355/- 10 718 01/08/2016 3,21,724/- 11 719 01/08/2016 3,22,092/- 12 720 01/08/2016 3,22,461/- 13 779 15/08/2016 3,15,082/- 14 780 15/08/2016 3,20,986/ 4. Due to continuous failure of the Corporate Debtor to honour its commitments, the Operational Creditor issued demand notice dated 12.12.2019 as per Section 8 of the Code. The default was occurred from 21.05.2018 and neither any amount received from the Corporate Debtor nor they refuted the debts. IBA/23/KOB/2020 - M/s. Airson Ceramic Industries 5. The Operational Creditor is one of the leading manufacturers of Ceramic Tiles. The Ceramic Tiles is used for flooring, walls and basement of homes, offices, shops etc. During the course of busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15/08/2016 3,19,031/- 18 0562 15/08/2016 3,19,031/- 19 0563 15/08/2016 3,19,031/- 20 0566 16/08/2016 3,19,031/- 21 0579 21/08/2016 3,19,031/- 22 0580 21/08/2016 3,19,031/- 23 0592 23/08/2016 3,19,031/- 6. Despite the invoice were duly received and dues were acknowledged by the Corporate Debtor, they failed to pay the due amount. Hence, the Operational Creditor issued a demand notice under Section 8 of the Code on 31.08.2019. The Corporate Debtor failed to fulfil its obligations to make timely payment against supplies/services provided. 7. Therefore, the Operational creditor filed this Application on 05.03.2020 to initiate Corporate Insolvency Resolution Process, declaration of Moratorium and ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces, however they did not pay the amount of unpaid outstanding due. Therefore, on all counts the Application deserves to be admitted. 12. In the given facts and circumstances, we are of the view that the present application is complete and the Applicants are entitled to claim its dues, which remain unpaid by the Corporate Debtor. In the light of above facts and circumstances the present application is liable to be admitted and CIRP ordered against the Corporate Debtor. 13. As a consequence, the Application No. IBA/22/KOB/2020 and IBA/23/KOB/2020 are admitted in terms of Section 9(5) of IBC, 2016 and moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor prohibiting all of the following: - I. The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; II. transferring, encumbering, alienating or disposing off by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; III. any action to forecl ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
