9911796707
TMI Blog2022 (5) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... aji Fiber Reinforce Private Limited on the ground that that the Corporate Debtor committed default in paying operational debt of Rs. 3,24,12,207/-. 2. It is stated that the Operational Creditor sold and supplied resin in between 24.11.2017 to 13.01.2018. The Operational Creditor sold and supplied the Corporate Debtor certain sum of goods. It is stated that the Corporate Debtor failed and neglected to pay on standing amount of Rs. 3,24,12,207/- on 17.07.2019. The Corporate Debtor sent an email to the Operational Creditor and admitted that certain sum of money remains unpaid. Since the amount is not paid on 19.10.2019, the Operational Creditor sent the Corporate Debtor a demand notice under Section 8 of the I.B. Code. In-spite of receipt of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. It is not in dispute the Corporate Debtor did not reply the demand notice. Although, the Corporate Debtor submitted and contended that nothing is due and payable but the record reveals that is has sent an email dated 11.07.2019 to the Operational Creditor admitting that certain money is due and payable. 7. It is true that notice under Section 8 of the I.B. Code was sent by Insolvency Professional for and on behalf of the Operational Creditor, one Mr. Jignesh Ganatra, but it was sent under valid authorization and that authorization is produced at Exhibit-I by the Operational Creditor. 8. In short, there is sufficient evidence and materials on record to hold that the Corporate Debtor has committed default in paying the operational debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uptcy Code, 2016. 2. The moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 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; c. any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Recons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor, its Promoter or any other person required to assist or co-operate with IRP, do not assist or Co-operate, the IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 6. This Adjudicating Authority directs the IRP to make a public announcement of initiation of Corporate Insolvency Resolution Process [CIRP] and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 7. It is further directed that the supply of goods/service to the Corporate Debtor Company, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. 8. The IRP shall be under duty to protect and preserve th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
