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TMI Blog2021 (10) TMI 1180X X X X Extracts X X X X X X X X Extracts X X X X ..... rking capital issues, however, it is still committed to pay its outstanding debts legally payable after necessary adjustments which amounts to admission of debt and default by Corporate Debtor. Further, the Corporate Debtor also failed to reply to the Demand Notice within statutory period and has not raised any disputes before the filing of Reply to the present application. Therefore, no credence can be given to the contentions raised by the Corporate Debtor in the reply filed in this Company Petition. There are no valid grounds warranting the rejection of the above Company Petition as the debt and default are clearly established and the debt is also within limitation. The Operational Creditor has also suggested the name of proposed Inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particularly mentioned in the particulars of Operational Debt. 4. Further, inspite of various follow-ups made by the Operational Creditor, Corporate Debtor failed to pay the outstanding amounts which were due and payable against the invoices raised. 5. As Corporate Debtor did not pay the above mentioned outstanding amount, operational Creditor issued Demand Notice dated 16.10.2019 as contemplated under Section 8 of the Code along with the Invoices thereby demanding payment of an unpaid operational debt due which was received by the Corporate Debtor on 22.10.2019. 6. The Corporate Debtor did not reply to the Demand Notice in Form-3 neither has specified existence of any Suit/Dispute or arbitration proceeding before the receipt of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor. 12. Consequently, filling of the said application under Section 9 of the code was intimated to the Corporate Debtor through an advance service dated 18.02.2020 which was acknowledged by the Corporate Debtor through an email correspondence dated 22.02.2020 wherein the Corporate Debtor being a bonafide citizen again made a commitment and showed its intention to pay its eligible outstanding dues provided such additional costs incurred by the Corporate Debtor were adjustment from the dues. The Corporate Debtor also requested for a meeting to reconcile the amounts and discuss to resolve the matter amicably, however, till date no response from the Operational Creditor has been received. 13. The Corporate Debtor further submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Tulips Ambbience Pvt. Ltd. (hereinafter called Corporate Debtor ) by invoking the provisions of Section 9 Insolvency and bankruptcy code (hereinafter called Code ) read with Rule 6 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for a total amount of ₹ 23,29,160/- (Rupees Twenty Three Lac Twenty Nine Thousand One hundred and Sixty only). 17. The Bench notes that the Operational Creditor supplied Furnishing Fabrics to Corporate Debtor under the different invoices which are annexed to the petition. 18. The Operational Creditor issued Demand Notice dated 16.10.2019 along with certain invoices/bill on the basis of which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the rejection of the above Company Petition as the debt and default are clearly established and the debt is also within limitation. The Operational Creditor has also suggested the name of proposed Interim Resolution Professional in part-3 of the Petition along with his consent letter in Form-2. Thus, the present Company Petition satisfies all the necessary requirements for admission. 21. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the above Company Petition is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -743(MB)/2020 is hereby allowed and initiation of Corporate Insolvency Resolution Proces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 under se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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