9911796707
TMI Blog2022 (4) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by the Operational Creditor prior to and after the effect of the aforesaid section. It is also noted that the Corporate Debtor has acknowledged the debt on 31.10.2021 and also proposed to pay the outstanding amount in a phased manner wherein the first installment of the commitment was to be paid by the Corporate Debtor on 09.11.2021 which was not paid by the Corporate Debtor. The Demand Notice was issued to the Corporate Debtor on 17.11.2021 which was delivered on 22.11.2021 but the Corporate Debtor neither paid the outstanding amount nor raised any dispute/replied to the said demand notice. The Corporate Debtor also admitted the default amount in its reply to the instant application dated 09.02.2022. It is also noted that the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor and raised invoices. The Corporate Debtor made payments of a few invoices as per the agreed terms and conditions of the payment. When the Operational Creditor requested the Corporate Debtor to discharge its liability, the Corporate Debtor informed that Corporate Debtor is suffering from financial crunch and assured that payments will be made as soon as possible and also requested to continue the supply of goods. 4. It is also submitted that on the basis of assurance given by the Corporate Debtor, the Operational Creditor continued to supply the goods. However, the Corporate Debtor failed to honour its assurance and discharge its liability. The Operational Creditor on 05.10.2021 issued a notice to the Corporate Debtor fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor was unable to pay the outstanding amount. 7. We heard the learned Counsel for both sides and perused the material available on record. It is noted that the Operational Creditor supplied the goods to the Corporate Debtor and raised the various invoices during the period from 11.02.2020 to 03.03.2020 for the amount of ₹ 2,43,95,183.17/- and from 24.05.2021 to 07.11.2021 for the amount of ₹ 62,41,832/-. The aforesaid invoices do not fall within the amended provision of Section 10A of the IBC, 2016 as all the invoices were raised by the Operational Creditor prior to and after the effect of the aforesaid section. For ready reference, we reproduce the Section 10A of the IBC, 2016 as under: 10A Suspension of initiatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and also meets the threshold limit as given in Section 4 of the IBC, 2016. The present application is otherwise complete and defect-free. Hence, we allow the present application with the following directions: ORDER 1. The application is admitted and the moratorium is declared for prohibiting all of the following in terms of Section 14(1) of the Code. (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor 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 corporate debtor any of its assets or any legal right or beneficial interest therein; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere any personnel of the Corporate Debtor, its Promoter or any other person required to assist or cooperate with IRP, do not assist or Co-operate. IRP is at liberty to make the appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 5. This Adjudicating Authority directs the IRP to make the public announcement of the initiation of the Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1)(b) of the IBC, 2016. 6. It is further directed that the supply of goods/services to the Corporate Debtor Company, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. 7. The IRP sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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