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TMI Blog2022 (3) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... been able to clear their liability may be due to financial crises or otherwise, but the fact remains that the default has occurred in repayment of operational debt. The petition is otherwise complete in all respects. The application filed by the Operational Creditor under Section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, is hereby admitted - moratorium declared. - C.P (IB) No. 684/KB/2019 - - - Dated:- 21-3-2022 - Rohit Kapoor, Member (J) And Harish Chander Suri, Member (T) For the Appellant : Jayati Chowdhury, Adv. ORDER Harish Chander Suri, Member (T) 1. The Court is convened by video conference today. 2. This petition un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsecured operational debt with no security held by the Operational Creditor. 4. When the Corporate Debtor did not pay the amount in spite of repeated requests and demands, a demand notice under section 8 of the Code was issued on 8th March, 2019. Similar letters had been previously issued by the Operational Creditor on 10th August, 2018, 28th August, 2018, 15th September, 2018, 2nd November, 2018, 12th December, 2018 and 20th February, 2019. It is submitted that Corporate Debtor also wrote letters dated 6th September, 2018 and 16th March, 2019. 5. It is submitted that default on account of payment of money for rendering services to the Corporate Debtor first occurred as per the contract for service agreement on 30th April, 2018. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor on 10th August, 2018 without any prior notice due to non-payment of the pending bills raised by the Operational Creditor. 9. It is further submitted that the Corporate Debtor requested vide letter dated 6th September, 2018, to the Operational Creditor for providing them some reasonable time to make the payment of the amount as the Corporate Debtor was unable to release the payment owing to the financial crises of the Company. It is stated that the company was going through very bad financial condition due to non cooperation of the Corporate Debtor and as a result of which, it could not arrange due payment of the Operational Creditor despite all its endeavour to arrange the same. The Corporate Debtor has further submitted in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00001. Ref: Demand Notice dated 08.03.2019 Dear Sir, This has reference to the demand notice issued on 8th March, 2019 against us. We are surprised to receive the same as we clearly put forth our request to your good office regarding our genuine willingness to repay the outstanding amount. Therefore, further we request your good office to kindly consider our willingness and give us the opportunity to discuss the same with you and we are ready to further settlement for the repayment of the outstanding amount. Thanking you, Yours Faithfully, For Chandni Commercial Private Limited Authorised Representative 14. In the another letter dated 6th September, 2018, the Corporate Debtor has further informed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due to financial crises or otherwise, but the fact remains that the default has occurred in repayment of operational debt. 16. The petition is otherwise complete in all respects. 17. In view of the aforesaid pleadings of the parties, we consider it to be a fit case for admission of the petition, we, therefore, pass the following orders:- ORDERS i) The application filed by the Operational Creditor under Section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I B Code, 2016. iii) Moratorium is declared for the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) Mr. Tuhin Kumar Chatterjee, IRP, registered with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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