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TMI Blog2020 (1) TMI 1494X X X X Extracts X X X X X X X X Extracts X X X X ..... t is due and default was admitted by the Corporate Debtor/respondent in his reply. So, under such circumstances, the petitioner has completed all the provisions mentioned in section 8 of the IBC, 2016 and there is default of payment which was due. Hence, we think it proper to admit this petition. It is seen that, there is default in payment there is some operational debt of ₹ 20,87,082/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter no further amount was received from the Corporate Debtor. He further submitted that under Section 8 of IBC, 2016, he sent the demand notice which is at page No. and the same is duly delivered to the Corporate Debtor/respondent and at page No. 2, in his reply he admitted the debt. He further submitted that the Corporate Debtor appeared and filed his reply and admitted the debt in his reply. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor. Since, the amount in default is more than ₹ 1,00,000/- is being the minimum threshold limit fixed under IBC, 2016. Under such circumstances this Adjudicating Authority is inclined to admit this petition and initiate CIRP of the respondent. Accordingly, this petition is admitted. A moratorium in terms of Section 14 of the IBC, 2016 shall come into effect forthwith staying:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor. Further: (2) 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. (3) The 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eport. Ld. Counsel for Operation Creditor undertakes to deposit the fee of the IRP to meet immediate expense within two weeks. The same shall be fully accountable by the IRP and shall be reimbursed by the CoC, to the Operational Creditor to be recovered as CIR costs. Registry is directed to communicate the order with the IRP as well both the parties. - - TaxTMI - TMITax - Corporate Laws ..... X X X X Extracts X X X X X X X X Extracts X X X X
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