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TMI Blog2021 (8) TMI 1200X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Corporate Debtor committed default in making payment to the Operational Creditor in view of the invoices raised by them upon the Corporate Debtor, by invoking the provisions of Section 9 of Insolvency and Bankruptcy Code (hereinafter called the "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Operational Creditor is a Company registered under the Companies Act, 1956. The Operational Creditor is doing business manufacturing and sale of various grades of Cements, Ready Mix Concrete, Building Products and Building Solutions. 3. During the routine course of business and as per Corporate Debtor's request and orders, the Operational Creditor had time to time supplied the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the existence of debt and default. The debt is within limitation. Thus, the Company Petition satisfies all the requirements for admission. Since the Corporate Debtor remained ex-parte even without filing any reply, the claim of the applicant remained unchallenged. This Tribunal upon considering the arguments of the Operational Creditor and the documents, pass the following: ORDER (a) The above Company Petition No. (IB)-3442(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Schema Enterprises Pvt. Ltd. (b) Since the Operational Creditor has not suggested the name of IRP to perform the duties of the Interim Resolution Professional (IRP) in the petition, this Bench is appointi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f continuing, shall not be terminated or suspended or interrupted during moratorium period. (f) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (g) That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. (h) That the public announcement of the corporate insolvency resolution process shall be made immediately as specified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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