9911796707
TMI Blog2021 (9) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... r called "Corporate Debtor") alleging that Corporate Debtor committed default on 01.12.2019 in making payment to the extent of Rs. 15,00,000/- with interest of Rs. 2,25,000/-@ 10 % p.a. aggregating to Rs. 17,25,000/- by invoking the provisions of Sections 8 & 9 of I & B Code (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (AAA) Rules, 2016. 2. The brief facts of the case are that the Petitioner states that in January 2019 the Corporate Debtor approached the Petitioner, proprietor of Uncommon Spaces and expressed its desire to design its commercial space at 31-P, MIDC, Industrial Area, Chikalthana, Aurangabad. 3. Accordingly, on 15.01.2019, the Petitioner issued an appointment letter and allowed the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to clear the outstanding amount due and payable to the Petitioner. 9. After the lapse of considerable period of time, since the Corporate Debtor did not clear the Invoice, the Petitioner followed up with the Corporate Debtor and requested the Corporate Debtor to clear the same at the earliest. After several requests and reminders the Corporate Debtor in January 2020 informed the Petitioner that they are facing some hardships to generate revenue but assured the Petitioner to clear the invoice by end of the month. 10. Thereafter the Petitioner informed the Corporate Debtor that if the payment of the invoice is not cleared within a month, the Petitioner will pursue legal remedies and initiate appropriate proceedings against the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t occurred on 01.12.2019, hence Section 10A will not affect the present petition from getting admitted. "2. After section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the principal Act), the following section shall be inserted, namely:-- "10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf: Provided that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. e. That the supply of essential goods or services to the Corporate Debtor, if 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
