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TMI Blog2021 (4) TMI 721X X X X Extracts X X X X X X X X Extracts X X X X ..... B) No. 70/Chd/HP/2019 - - - Dated:- 26-3-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Himanshu Yadav, Advocate For the Respondents : Prateek Rathee, Advocate JUDGMENT Ajay Kumar Vatsavayi, Member (J) The present petition is filed, under the Section 17 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC'/'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('Rules') by Mr. Vinay Yadav through Authorized Representative Mr. Anshu Arora who is duly authorized vide Letter of Authority (Annexure-A) with a prayer to initiate the Corporate Insolvency Resolution Process ('CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ell as from the account of Sole Proprietorship firm i.e. M/s. Ultracon International. An amount of ₹ 9,50,000/- has been returned by the corporate debtor and therefore, the corporate debtor issued the aforesaid cheques for repayment of loan amount. It is also mentioned that the Financial Creditor has deposited the aforesaid cheques with his banker and the same were returned unpaid due to Insufficient Funds as mentioned in the Return Cheque Memo. The Return Cheque Memos dated 05.12.2016, 21.11.2016 and 30.11.2016 are attached as Annexures-D, E F, respectively of the petition. 5. It is further submitted that the financial creditor has issued Legal Notice dated 19.10.2018 (Annexure-G) demanding full and final payment of debt withi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding against the proposed resolution professional, it may, by order, admit such application. 11. In the present case, the concurrence of default is evidenced by the details furnished by the petitioner including cheque bearing No. 000221 dated 01.09.2016 amounting to ₹ 57,00,000 and cheque bearing No. 000222 dated 01.09.2016 amounting to ₹ 30,50,000 [Annexure-C (Colly)]. It can be seen that aforesaid cheques were dishonoured due to Insufficient Balance as evident from cheque Return Memo dated 05.12.2016, 21.11.2016 and 30.11.2016 attached as Annexures D, E F respectively. The financial creditor has also issued a Legal notice dated 19.10.2018 (Annexure-G) through its counsel demanding full payment of pending amount. Origi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest therein; (c) 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. (f) The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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