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TMI Blog2022 (5) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Corporate Debtor and filing of the petition was much before the said date. Since any notification issued by the Government is generally prospective in nature unless specifically expressed, therefore the notification is not applicable to the present case. Hence, this authority is inclined to initiate the CIR Process of Corporate Debtor, therefore, the captioned petition is admitted. Application admitted - moratorium declared. - IB-686/ND/2020 - - - Dated:- 13-5-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Jaspreet Singh, Adv. For the Respondents : Sanjeev Panda, Adv. ORDER Narender Kumar Bhola, Member (T) 1. Under consideration is IB-686/ND/2020 filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred as 'IBC, 2016') R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Operational Creditor, M/s. Sahni International is seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') of the Corporate Debtor viz., M/s. LRM Spices Private Limited, declare moratorium a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n confronted with the same, the Corporate Debtor requested the Operational Creditor not to deposit other cheques and assured the Operational Creditor that it shall soon clear the outstanding payments as it was in some financial difficulty at the time. Based on its requests and assurances, the Operational Creditor did not deposit the other cheques and trusted that the Corporate Debtor would make the outstanding payments. d. It is averred that the Corporate Debtor, on several occasions, was requested to clear the outstanding dues through various emails but it did not pay any heed to such reminders and cleared only a meagre amount during May to September, 2018. It is stated that the Operational Creditor has served statutory demand notice dated 20.01.2020 in Form 3 and Form 4 as prescribed under Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 via speed post, courier, email and registered post at the registered address of the Corporate Debtor, latest of the delivery being on 01.02.2020. However, the Corporate Debtor has neither replied to it raising any objection/dispute nor has the Corporate Debtor made any payment to the Operational Creditor against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years of the shipments having been delivered to them. The fact that the alleged email is sent so belatedly i.e. on 02.07.2020 when the shipments were sent to the importer admittedly in 2017-18. The said email was never intimated to applicant. Hence, reiterated its prayer for initiation of CIRP of Corporate Debtor. 5. During the oral arguments, the operational creditor brought our attention to production and rejection report and invoices. As per invoice No. 5/2017-18 dated 10.07.2017, Bay leaves were supplied by the operational creditor on 10.07.2017, however, the production rejection report of bay leaves is dated 09.07.2017 i.e., one day prior, and how can such report be relied under such circumstances. The operational creditor further argued that there is dried ginger slices production rejection report dated 23.11.2017 with respect to invoice No. 137/2017-18, however, there is no supply of dried ginger slices as per invoice No. 137/2017-18 dated 23.10.2017. It is further stated that there is production rejection report dated 05.04.2018 of cumin whole as alleged to be supplied vide invoice No. 137/2017-18, however, there is no supply of cumin whole vide invoice No. 137/2017-18 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e effect from this Order till the completion of CIRP, for the purposes referred to in section 14 of the IBC, 2016. It is ordered to prohibit all of the following, namely:- 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 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. 9. The supply of essential goods or services of the Corporate Debtor shall not be terminated, suspended or interrupted during moratorium period. The provisions of sub-section (1) of section 14 of IBC, 2016 shall not apply to such transactions, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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