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TMI Blog2021 (4) TMI 1120X X X X Extracts X X X X X X X X Extracts X X X X ..... he Operational Creditor has also placed on record of proof of sending notices to the Respondent/Corporate Debtor for their appearance and for making submissions also along with the requirements as stipulated under the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, having satisfied with the submissions made by the Petitioner/Operational Creditor, this Adjudicating Authority is inclined to admit the instant Application. Application admitted - moratorium declared. - CP (IB) No. 498/9/HDB/2019 - - - Dated:- 26-3-2021 - Madan B. Gosavi, Member (J) And Dr. Binod Kumar Sinha, Member (T) For the Appellant : D. Harini For the Respondents : S. Chidambaram ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor, the latter issued a Demand Notice dated 13.05.2019 to the Corporate Debtor demanding payment in respect of unpaid Operational Debt under section 8 of the Code. Within ten (10) days of receipt of the said Demand Notice dated 13.05.2019, i.e., on or around 23.05.2019, the Corporate Debtor has not paid the unpaid Operational Debt to the Operational Creditor nor issued any notice of existence of dispute under sub-section (2) of section 8 of the Code. Thus, the Operational Creditor has applied for Initiation of Corporate Insolvency Resolution Process under section 9 of the Code to claim the unpaid Operational Debt due from the Corporate Debtor. 3. The facts leading to filing of the instant Applicant are as under: a) The Media In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the Corporate Debtor issued a letter dated 28.08.2018 to Media acknowledging the debt of USD 119,500/- that they owe to Media and that they confirmed payment of the same as soon as possible. f) That the Korea Trade Insurance Corporation (K-SURE) (The Operational Creditor), Media's insurance company, sought answers by email dated 19.09.2018 regarding the reasons for the delay in the payments. g) That after numerous follow ups by the Operational Creditor, the Corporate Debtor finally replied to the email stating various reasons for operational debt. h) That a letter of Assignment dated 27.12.2018 was executed between Media and the Operational Creditor in which Media assigned all the rights to the Operational Creditor to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to honor the said consent term and further expressed its inability to pay the said debt. 8. This Adjudicating Authority is further satisfied that the Operational Creditor has proved its case by placing evidence that default has occurred for which the Corporate Debtor was liable to pay. The Operational Creditor has also placed on record of proof of sending notices to the Respondent/Corporate Debtor for their appearance and for making submissions also along with the requirements as stipulated under the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, having satisfied with the submissions made by the Petitioner/Operational Creditor, this Adjudicating Authority is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any judgment, decree or order in any court or law, tribunal arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal rights or beneficial interest 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 (54 of 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. Notwithstanding anything contained in any other law for the time bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code. The Directors, Promoters or any other person associated with the management of Corporate Debtor are directed to extend all assistance and co-operation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I B Code, 2016. 15. The Petitioner/Operational Creditor as well as the Registry is directed to send the copy of this Order to IRP so that he could take charge of the Corporate Debtor's assets etc. and make compliance with this Order as per the provisions of I B Code, 2016. 16. The Registry is directed to communicate this Order to the Operational Creditor and the Corporate Debtor. 17. The Registry shall also communicate this Order to the ROC, Hyderabad for updating the sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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