9911796707
TMI Blog2022 (3) TMI 812X X X X Extracts X X X X X X X X Extracts X X X X ..... een the parties. Furthermore, only defence stated by the Respondent in this application is the pre-existing dispute with regard to the defects in the supply of goods made by the Applicant/Operational Creditor. No documents have been filed to satisfy that the same has been enclosed either with counter or with any other documents. The Operational Creditor has proved existence of debt and default and prayed for initiation of CIRP against the Corporate Debtor. Under the said circumstances, this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor, which ordinarily shall get completed within 180 days, reckoning from the day this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sfy that these goods were supplied to the Corporate Debtor. Section 8 notice at page 12 and E-Way Bill at page 36 are enclosed along with this application. Counsel for the Petitioner submits that in spite of repeated demands, the Corporate Debtor had failed to make the payment to the tune of ₹ 9,98,798.06. The Respondent has filed its counter. The Respondent had also replied to the demand notice dated 25.05.2019 under Section 8 by way of reply notice dated 19.06.2019 wherein they had raised dispute regarding the quality of the goods supplied by the Applicant/Operational Creditor herein. 3. We have heard both the parties. During the oral arguments, the Counsel for the Respondent states that there has been a longstanding relationship ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 5. As a consequence of the Application being admitted in terms of Section 9(5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and manage the operations of such Corporate Debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement immediately. The IRP is also directed to cause public announcement as prescribed under Section 15 of the IBC, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 10. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the IBC, 2016 and file his report within 30 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relat ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
