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TMI Blog2021 (8) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 9(5) of the IBC, 2016 - application admitted - moratorium declared. - IBA/03/2020 - - - Dated:- 9-8-2021 - R. Sucharitha, Member (J) And Anil Kumar B., Member (T) For the Appellant : Mudit, Advocate For the Respondents : Rengarajan, Advocate ORDER R. Sucharitha, Member (J) 1. The present application is moved by one M/s. Excel Auto Tube Industries Private Limited (hereinafter referred to as Operational Creditor ) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency and Resolution Process as against M/s. Spacex Furniture Private Limited (hereinafter referred to as Corporate Debtor ). 2. From Part-I of the application, it is seen that the Operationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at, the Corporate Debtor without any rhyme or reason has withheld the payment to be made to the Operational Creditor and also there is no deficiency in the supply of goods made by the Operational Creditor. 6. It was submitted that since no payment was forthcoming from the Corporate Debtor, it is seen that the Operational Creditor has issued a Demand Notice in Form-3 as mandated under Section 8 of IBC, 2016 to the Corporate Debtor on 16.10.2019. It was submitted by the Learned Counsel for the Operational Creditor that as against the said sum of ₹ 33,99,179/-, the Corporate Debtor has made a payment of ₹ 2,00,000/- on 22.10.2019 after issuance of demand notice dated 16.10.2019. 7. Thus, it was submitted that as against the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed in the Registry. Counsel for the Respondent states that he is taking steps to set aside the ex-parte order. It is almost seven months since the Respondent was set ex-parte. Hence, the request of the Counsel for the Respondent is declined. Heard the Counsel for the Applicant. Order Reserved . 9. Thus, it is seen that the Corporate Debtor under the garb of settlement is trying to delay the proceedings before this Tribunal. The Corporate Debtor has not denied that the amount is due and payable to the Operational Creditor, hence the default on the part of the Corporate Debtor is proved beyond any reasonable doubt. Under the said circumstances, we are constrained to initiate the CIR Proceedings in relation to the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent 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 respondent. Explanation.-For the purposes of this sub-section, it is hereby clarified that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apply to (a) 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; (b) a surety in a contract of guarantee to a corporate debtor. 13. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (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 period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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