9911796707
TMI Blog2019 (3) TMI 1904X X X X Extracts X X X X X X X X Extracts X X X X ..... anding liability, the Applicant/Operational Creditor issued a notice dated 28.12.2017 under section 8 of the Code. This was not replied to. Thereafter, the Operational Creditor has followed it ea by filing the present petition. The petition has been filed in the required format, along with the supporting affidavit that no notice of dispute has been raised. Compliance of the provision of Section 9( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.06.2009. Various invoices were raised for which the Operational Creditor maintained a running account. The Corporate Debtor made only part payment despite Operational Creditors request to make the complete payments. The Corporate Debtor made the last payment on 29.11.2017 leaving the outstanding liability as ₹ 66,19,17,188/- exclusive of interest. 2. In view of the failure on the part o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red. The prayer made by the Operational Creditor therefore merits consideration. Accordingly, a moratorium in terms of Section 14 of the Insolvency Bankruptcy Code, 2016 shall come into effect forthwith, stating: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r tenure as an IRP. 7. The Operational Creditor is directed to deposit a sum of ₹ 2 Lakhs to meet the immediate expenses required for the Resolution Process to be duly accounted by the IRP, and shall be reimbursed to the Operational Creditor by the COC, and recovered as cost of the CIR process. 8. Copy of the order be given/emailed to the Operational Creditor the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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