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TMI Blog2021 (11) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... Rohit Patil ORDER Hari Venkata Subba Rao, Member (J) 1. This Company Petition is filed by M/s. Silcotex Silicones Private Limited, (hereinafter called Operational Creditor ) seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Cubatics Industries Private Limited (hereinafter called 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 brief facts of the petition are stated herein below: a. The present Petition arises out of the commercial transaction between the Operational Creditor and the Corporate Debtor. b. The Operational Creditors engaged in the business of trading of textile auxiliaries. On the basis of verbal orders placed by Corporate Debtor for supply of Textiles auxiliaries, Operational Creditor complied its order by supplying the required quantity to the Corporate Debtor (hereinafter referred to as 'Said Supply of Goods' and raised various invoices. However, despite the invoices are duly received and acknowledged by the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02.01.2019 24.08.2019 234 10,697.67 12.04.2019 914 48,416.00 07.12.2018 48,416.00 06.01.2019 24.08.2019 230 7,322.09 12.04.2019 919 87,509.21 08.12.2018 87,509.21 07.01.2019 24.08.2019 229 13,176.73 12.04.2019 953 68,222.40 17.12.2018 68,222.40 16.01.2019 24.08.2019 220 9,868.88 12.04.2019 954 64,642.47 17.12.2018 64,642.47 16.01.2019 24.08.2019 220 9,351.02 12.04.2019 991 79,170.65 22.12.2018 79,170.65 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.01.2019 78,806.30 27.02.2019 24.08.2019 178 9,482.66 12.04.2019 1182 106,796.02 04.02.2019 106,796.02 06.03.2019 24.08.2019 171 12,499.52 12.04.2019 1183 121,303.42 04.02.2019 121,303.42 06.03.2019 24.08.2019 171 13,639.16 12.04.2019 1184 42,491.51 04.02.2019 42,491.51 06.03.2019 24.08.2019 171 4,777.68 12.04.2019 1212 66,702.30 13.02.2019 66,702.30 15.03.2019 24.08.2019 162 7,499.90 12.04.2019 1223 140,846 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 86,709.34 03.04.2019 86,709.34 03.05.2019 24.08.2019 113 6,841.72 12.04.2019 26 64,009.10 03.04.2019 64,009.10 03.05.2019 24.08.2019 113 4,755.96 12.04.2019 69 140,846.39 03.04.2019 140,846.39 03.05.2019 24.08.2019 113 10,465.08 12.04.2019 89 129,873.47 13.04.2019 129,873.47 13.05.2019 24.08.2019 103 9,649.78 12.04.2019 101 68,222.40 19.04.2019 68,222.40 19.05.2019 24.08.2019 97 4,620.43 12.04.2019 141 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the amount in default till the date of this application and the entire outstanding amount is due and payable by the Corporate Debtor to the Operational Creditor. h. However, to the shock and surprise of the Operational Creditor, the Corporate Debtor through its Advocate has issued Legal Notice dated 03rd October on the Operational Creditor making false, frivolous and baseless allegation against the Operational Creditor. Hence, the present petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. 3. Since the Corporate Debtor has failed to appear before this bench despite service of notice, the Corporate Debtor was set ex-parte by this bench vide order dated 20.10.2021. 4. Heard the counsel appearing for the Operational Creditor and perused the record. The counsel appearing for the Operational Creditor invited the attention of this bench to the relevant invoices, Demand Notice and track report of service of Demand Notice on the corporate debtor along with other relevant documents which are annexed to the company petition and successfully demonstrated the existence of debt and default. Since the corporate debtor remained ex-parte, the claim of the Operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces 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 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 section 13 of the Code. (i) During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. (j) Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Mast ..... X X X X Extracts X X X X X X X X Extracts X X X X
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