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TMI Blog2022 (3) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... tor towards the operational creditor and there is no pre-existing dispute, the moment above conditions are fulfilled, this Adjudicating Authority has to admit the section 9 petition and in the present petition both the conditions are fulfilled. The Petition deserves to be admitted. Hence, this authority is inclined to initiate the CIR Process of Corporate Debtor. Accordingly, the captioned petition is admitted - moratorium declared. - IB-883/ND/2020 - - - Dated:- 22-3-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : S. Sriranga, Balaji Srinivasan, Garima Jain and Gayatri Mohite, Advs For the Respondents : Vijay Kaundal, Adv ORDER Narender Kumar Bhola, Member (T) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ligations allotted a residential unit bearing no. L-001, Tower L, Blossom Greens, Sector 142, Noida to the Operational Creditor. b. It is submitted that the Operational Creditor vide its Email dated 04.03.2020 requested the Corporate Debtor to pay the Operational Debt. However, the Corporate Debtor failed and neglected to pay the said Operational Debt. In light of the failure of payment, the Operational Creditor issued a Demand Notice in Form 3 on 10.04.2020 demanding repayment of ₹ 1,08,12,591 in unpaid invoices along with interest. The Form 3 notice was followed up by the Operational Creditor vide its Email dated 10.04.2020 requested the Corporate Debtor to confirm the outstanding amount of ₹ 1,08,12,591/- (Rupees One Cro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the said project was stopped due to the various EPCAJ NGT Orders in the month of October 2019 and thereafter unprecedented conditions created due to COVID-19 pandemic. Further, it is undisputable fact that the Real Estate business is going through slump whereby all the builders and promoters of the real estate projects are experiencing heavy economic losses. 4. We have perused the Pleadings and arguments advanced by both the parties. It is clear from the pleadings that the corporate debtor has admitted its liability towards the operational creditor in Demand notice as well as in reply. However, it failed to discharge its liability as the admitted amount remains unpaid as on date. It is worthwhile to mention here that this authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluding 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 of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 7. The supply of essential goods or services of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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