9911796707
TMI Blog2021 (9) TMI 633X X X X Extracts X X X X X X X X Extracts X X X X ..... elayed payment. Hence an amount of ₹ 3,52,953.91/- towards interest was claimed. The total amount outstanding of ₹ 10,45,467.90/-. The debt became due on 09.01.2018. The Petitioner has issued demand notice under section 8 claiming entire amount due and the Corporate Debtor replied to said demand notice stating that they were unable to pay the monies and were facing financial distress. The Corporate Debtor filed reply and sought time of 12 to 15 months to pay the outstanding balance. Therefore, in view of the facts of the present case which clearly demonstrate the debt which was due for payment under the invoices raised by the Petitioner and the admission of liability by the Corporate Debtor and express declaration of inabilit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and accessories related to it. 4. The Corporate Debtor placed orders to the Petitioner for supply of Opal clock rings (gold) with Lacquer. The Petitioner supplied the goods to the Corporate Debtor based on the orders raised by the Corporate Debtor during 09.01.2018 to 10.03.2018 and the Petitioner raised invoices accordingly. 5. The Petitioner raised total 6 invoices for aggregating amount of ₹ 9,11,190/- on the Corporate Debtor. The invoices are payable on immediate basis. 6. Thereafter, the Corporate Debtor has made payment of ₹ 2,18,676/- and the balance amount of ₹ 6,92,514/- was due. The goods have been duly received by the Corporate Debtor and outstanding balance has also been duly acknowledged by the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness of the Corporate Debtor was again hit by the covid 19 pandemic, and the plans of the Corporate Debtor company to raise funds and to remove cash flow problems, was hit badly, and it continue to be the same situation even now. 14. The Corporate Debtor is still looking for fresh investments in the Corporate Debtor company to pay all the debtors and also for working capital. The Corporate Debtor is also in talks with its bankers for restructuring or OTS for the bank liabilities. 15. The Corporate Debtor prays the time of 12 to 15 months be granted to the Corporate Debtor to repay the dues of ₹ 6,92,514/- to the Petitioner. FINDINGS 16. It is an undisputed fact that the Petitioner had supplied Opal clock rings (gold) wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udicating Authority Rules and is complete. 20. The Applicant has proposed name of Mr. Vithal M. Dahake, a registered Insolvency Resolution Professional having Registration Number [IBBI/IPA-003/IP-N000117/2017-2018/11296] as Interim Resolution Professional, to carry the functions of Interim Resolution Professional as mentioned under I B Code. 21. The Application under sub-section (2) of Section 9 of I B Code, 2016 filed by the Petitioner for initiation of CIRP in prescribed Form 5, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing operational debt of more than rupees one lakh against the Corporate Debtor and its default is also proved. Accordingly, the application fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the moratorium period. III. That the provisions of sub-section (1) of Section 14 of I B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date 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 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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