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TMI Blog2022 (5) TMI 1307X X X X Extracts X X X X X X X X Extracts X X X X ..... h amounts to acknowledgement of debt and same got dishonored on presentation. Therefore, default in payment of outstanding principal amount is evident from the bank statement annexed with petition - Since, all the conditions are satisfied by the operational creditor, hence, this authority is inclined to initiate the CIR Process of Corporate Debtor, therefore, the captioned petition is admitted. Petition admitted - moratorium declared. - IB-690/ND/2019 - - - Dated:- 17-5-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Susshil Daga, Adv. and Akshita Koolwal, CS ORDER Narender Kumar Bhola, Member (T) 1. Under consideration is IB-690/ND/2019 filed under Section 9 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furtherance to the same issued five cheques to the operational creditor, which were presented in the bank on 19/03/2018, against the goods supplied by the operational creditor which got dishonored as on 20/03/2018. The Default has occurred in respect of payment mentioned hereinabove. The incidence of default had occurred on 18.03.2018 and continuing. Thereafter in respect of the continuous default and as per the statutory compliance, the Applicant sent a Demand Notice dated 29.09.2018 in respect of unpaid operational debt, which was unclaimed, hence, undelivered to the Corporate Debtor on 04.10.2018. The said demand notice was however e-mailed to the Corporate Debtor at its email address as obtained from the website of The Ministry of Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ault in payment, therefore, the petition may be admitted. 5. We have perused the Pleadings and arguments advanced by Operational Creditor. It is clear from the pleadings that the Operational Creditor has supplied the goods to the Corporate Debtor as evident from invoices annexed. Furthermore, there is no evidence placed by the corporate debtor on record to show that there is pre-existing dispute before issuing statutory notice u/s. 8 of IBC, 2016. The Corporate Debtor also issued cheques to discharge its liability as is evident from the ledger account, which amounts to acknowledgement of debt and same got dishonored on presentation. Therefore, default in payment of outstanding principal amount is evident from the bank statement annexed w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred 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); ..... X X X X Extracts X X X X X X X X Extracts X X X X
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