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TMI Blog2021 (7) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... stence of dispute or proof of payment of the impugned debt. In fact, during the initial phase of the instant proceedings upto 13.02.2020, the Respondents sought time for settling the matter and for filing Joint Memo of Settlement, but there was no representation thereafter. The Operational Creditor has fulfilled all the stipulations as required 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. The instant application is hereby admitted - Moratorium declared. - CP (IB) No. 286/9/HDB/2019 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TS PRIVATE LIMITED (Corporate Debtor) purchases steel and supply the same for construction purposes. b) That the Operational Creditor has supplied Alloy Casting - (Cone Mantil and Jaw Plate Centre Part 1600 X 902) to the Corporate Debtor. c) That the Corporate Debtor failed to pay the amount for the Invoices as on the Due date. Thereby the total amount due from Corporate Debtor comes to ₹ 9,34,767.00 plus interest @18% per annum from the due date of default till date of payment. d) That when the Operational Creditor failed to receive any amount for the outstanding due from Corporate Debtor, on 16.03.2019 the Operational Creditor served a demand notice as per rule 5 under The Insolvency and bankruptcy Code, 2016 to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with principles of natural justice, we have no other option but to dispose of the instant application without their assistance. 4. Heard Learned counsel of the Applicants and perused the record. 5. This Adjudicating Authority is 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. It is further seen that no reply to the demand notice served u/s. 8 of the Code was ever made by the Respondent to indicate either existence of dispute or proof of payment of the impugned debt. In fact, during the initial phase of the instant proceedings upto 13.02.2020, the Respondents sought time for settling the matter and for filing Joint Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied later on by CoC. 10. The moratorium is hereby declared which shall have effect from the date of this order till the completion of CIRP in terms of Section 14 of the IB Code, 2016. It is hereby ordered to prohibit all of the following namely:- a. 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 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 respe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from such supply during the moratorium period. Furthermore, the provisions of Sub-section (1) of Section 14 shall not apply to such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority. 12. The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of 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. 13. The Petitioner/Operational Creditor as well as the Registry is directed to send th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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