9911796707
TMI Blog2022 (3) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... In the given facts and circumstances, the Operational Creditor has established the default on the part of Corporate Debtor in payments of the operational debt. The Petition filed under Section 9 fulfills all the requirements of law. Therefore, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code. Application allowed. - (IB)-708(ND)2021 - - - Dated:- 31-3-2022 - Sh. Bachu Venkat Balaram Das, Member (J) and Sh. L.N. Gupta, Member (T) For the Appellant: Adv. Adhish Srivastava and Adv. Pradeep Kumar For the Respondent: Adv. Prem Prakash ORDER PER SHRI. L.N. GUPTA, MEMBER (T) 1. The present Application is f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid Operational Debt claimed by the Applicant amounts to Rs. 1,47,75,061/- excluding interest. That the date of default mentioned by the Applicant is 15.09.2021. 6. That the Applicant has annexed invoices, copy of the MOU dated 31.08.2020 and 15.04.2020 and ledger account of the Corporate Debtor to establish the default on the part of the Corporate Debtor. 7. It is stated by the Applicant that since the Corporate Debtor did not make the due payment of his operational debt, it had issued a Demand Notice dated 27.09.2021 under Section 8 of IBC 2016 which was delivered by Speed Post at the registered office of the Corporate Debtor on 04.10.2021. The Tracking Report has been placed on record. The Applicant has averred that no reply to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he operational debt. The Petition filed under Section 9 fulfills all the requirements of law. Therefore, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14(1)(a), (b), (c) (d), the following prohibitions are imposed, which must be followed by all and sundry: (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 corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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