9911796707
TMI Blog2022 (5) TMI 1254X X X X Extracts X X X X X X X X Extracts X X X X ..... nt company, claimed to be the corporate debtor. 2. The applicant, Swastik Pipe Ltd. has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process under the provisions of the Code. 3. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: a. The Operational creditor used to supply C.R. Sheets to the Corporate Debtor. b. The Operational Creditor sent a Demand Notice dated 03.12.2019 demanding payment of an unpaid operational debt i.e. Rs. 3,89,265/- as per provisions under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above said amount was due against the C.R. Strips which were sold by the applicant to the respondent and the said amount was not paid qua. It has been repeatedly held that the Scheme of the code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Resultantly, since there is no dispute raised by the Corporate Debtor, in fact the corporate debtor has clearly admitted that a default has occurred. 6. In view of the foregoing documents and the averments made, this Tribunal is of the affirm view that there was default on the part of the respondent in pursuance of invoices raised on behalf of the applicant, accordingly, the present application stands admitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. 10. A copy of the order shall be communicated to the applicant, Corporate Debtor and IRP above named, by the Registry. In addition, a copy of the order shall also be forwarded to IBBI for its records. Applicant is also directed to provide a copy of the complete paper book to the IRP. A copy of this order is also sent to the ROC for updating the Master Data. ROC shall send compliance report to the Registrar, NCLT. Let copy of the order be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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