Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (1) TMI 578 - Tri - Insolvency and BankruptcyRecovery of amount defaulted by the Corporate Debtor - dishonor of Cheque - Section 8 of Insolvency and Bankruptcy Code, 2016 - Held that:- In relation to the notice of the proceedings, it is evident that the Corporate Debtor is well aware of the proceedings pending before this Tribunal and despite the same has failed to defend its cause. Since a default as claimed by the petitioner arises out of the supply of materials/goods and also taking into consideration that no notice of dispute has been sent in relation to the Section 8, notice being the notice of default sent by the Operational Creditor to the Corporate Debtor, as well as no reply has been filled before this Tribunal and this tribunal having been satisfied with the claim made and as a default arises thereunder is constrained to initiate Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. Since the petitioner has not proposed any Insolvency Resolution Professional, Mr, Rajneesh Singhvi having IP registration No. IBBI/IPA- 001/IP-P0003712017-18110098 is appointed as IRP. The Operational Creditor to remit a sum of ₹ 2,00,0001- within two days from the date of receipt of this order to the IRP named as above. In view of the admission of this petition the moratoriurn as contemplated under Section 14 of IBC, 2016 be commenced. Application admitted.
|