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TMI Blog2022 (11) TMI 928X X X X Extracts X X X X X X X X Extracts X X X X ..... pear before this Bench on 23.09.2022. The Corporate Debtor was set exparte. This Bench feels that the Petitioner has successfully demonstrated the existence of debt and default committed by the Corporate Debtor in this case. Since the Corporate Debtor did not file any reply, the claim of Operational Creditor remained unchallenged. The above Company Petition being filed on 04.12.2019 is well within limitation. Thus, Company Petition satisfies all legal requirements for admission. Petition admitted - moratorium declared. - C. P. 4356/IB/MB/2019 - - - Dated:- 14-10-2022 - Hon ble H. V. Subba Rao , Member ( Judicial ) And Hon ble Anuradha Sanjay Bhatia , Member ( Technical ) For the Applicant : Mr. Sandeep Bajaj a/w Mr. Asav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner submits that, the Respondent is body corporate constituted under relevant provisions of Companies Act,1956 and having its registered office at Mumbai, Maharashtra and engaged in the business of spinning, weaving and finishing textiles. 5. The Petitioner submits that, the Respondent company had approached the Petitioner herein for the purpose of procuring supply of cotton yarn for the first time in or around August 2017. Being satisfied by the products offered by the Petitioner, the Respondent started purchasing cotton yarn in required quantities, by placing different purchase orders, to which the Petitioner supplied the products in accordance with the requirements of the Respondent. 6. The Petitioner submits that up to March 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... late payment charges. The aggregate amount due was claimed at Rs.47,96,754/- 9. The Petitioner submits that the Respondent assured and agreed to release the payments and clear outstanding dues pertaining to that invoices raised, as per the terms and conditions agreed upon. However, the Respondent failed to clear the admitted and undisputed amount. 10. The Petitioner, thereafter, through emails, letters and telephonic calls reminded the Respondent for release of dues. The Petitioner further submits that the Respondent made false promises and continuously requested time for payment of dues. Thus, the Respondent avoided to make the payments and turned a blind eye to all the reminders for outstanding payments. 11. The Petitioner then i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the proof of delivery of demand notice on the Corporate Debtor, at its Registered address as well as the factory address. The Corporate Debtor, having received the Demand Notice, did not send any reply nor did it make any payment of the outstanding dues. 15. The Petitioner has enclosed a Bank Certificate dated 01.08.2019, stating no receipt of payment from the Corporate Debtor to the Petitioner, for a period from 01.04.2018 to 31.12.2019, at page 24 of the Company Petition, which is extracted for ready reference: 16. After hearing the submissions and upon perusing the material available on record, this Bench feels that the Petitioner has successfully demonstrated the existence of debt and default committed by the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll his fee is decided by COC. d. That this Bench hereby prohibits 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; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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