9911796707
TMI Blog2023 (2) TMI 1387X X X X Extracts X X X X X X X X Extracts X X X X ..... r has appeared on few occasions in the matter, but has not contested the contents of the Application. After perusal of the material on record, this Bench is of considered view that the there is no reason to deny the Petition under section 9 filed by the Operational Creditor to initiate the CIRP against the Corporate Debtor. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, there are no objection on record against the application filed for initiation of CIRP against the corporate debtor. Hence, the App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 till 18.08.2018. Accordingly, the Date of Default falls within 4. The Operational Creditor supplied steel products to the Corporate Debtor in the year 2019. Pursuant to the supply of goods (HR Coils), the Operational Creditor raised (31 thirty-one) invoices between the period of 16.12.2017 till 18.06.2018 upon the Corporate Debtor for total outstanding amount P.7 of the Petition of Rs.3,21,60,135/- (Rupees three crore twenty-one lakh sixty thousand one hundred thirty-five only) against which the Operational Creditor received Rs.17,184/-. Since the total amount outstanding pertain to supply of similar goods, the outstanding under each invoice has been clubbed together. 5. The Operational Creditor has filed an Affidavit Pp 14-15 of Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the corporate debtor. Hence, the Application filed by the Operational Creditor is liable to be admitted. 13. The application is complete and has been filed under the proper form and default of the Corporate Debtor has been established. 14. The Operational Creditor has not proposed the name of Insolvency Resolution Professional in the matter. ORDER 15. It is, accordingly, hereby ordered as follows: - (a) The petition bear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Tribunal approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Hitesh Kothari, registration No. [IBBI/IPA-002/IPN00324/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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