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2018 (1) TMI 1365

r. Counsel for the Corporate Debtor, this Authority is satisfied that the Corporate Debtor defaulted in making payment of the outstanding debt claimed by the Operational Creditors. The Operational Creditors have fulfilled all the requirements of law. Therefore, CP is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. - The moratorium is hereby declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016. - CP/607/(IB)/CB/2017 - 10-1-2018 - CH MOHD SHARIEF TARIQ, MEMBER (JUDIC .....

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ompensation. The Corporate Debtor filed reply to the claim Petition stating therein that the Company's orders from customers have come down substantially due to existing sources drying up and difficulty in getting new customers and orders due to general economic situation. In October, 2014, workers refused to return their customers' materials and therefore, the customer has not released any orders after that incident. Further, during the month of November, 2014, the workers went on unauthorised strike which caused a lot of hardships for their customers and they are now refusing their requests for further orders. After enquiry, on 06.10.2016, the Authority Appointed under the Payment of Wages Act, 1936, directed the opposite party i. .....

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ion jointly under Section 9 of the I&B Code. Part II of the I&B Code applied where the debt is minimum amount of ₹ 1,00,000/-. In the present case on hand, the arrears of salary claimed by individual is less than ₹ 1,00,000/- except one person, as such they are not legally entitled to maintain the present Petition. The Form 3 issued and signed by Mr. V. Manoharan allegedly claiming to be on behalf of others, does not mention the authority under which he is signing for himself and for other workmen. The Form 3 Demand Notice can be issued only by an Operational Creditor individually and not collectively and hence, the said notice is not tenable and bad in law. Finally, it is stated that the Application filed by the alleged .....

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dual, as well as joint capacity. Further, Mr. G. Srinivasan one of the Applicants has filed Affidavit to make compliance with the Provisions of Section 9(3)(b) of the I&B Code, 2016, wherein under para 2, it has been deposed that no notice has been given by the Corporate Debtor relating to a dispute of the unpaid operational debt. Mr. G. Srinivasan has also filed the Bank certificate to make compliance with Section 9(3)(c) of the I&B Code, 2016. Therefore, the second plea stands rejected and the application is held maintainable. 7. From the documents placed on file and the arguments submitted by the Counsel for the Operational Creditor and Ld. Sr. Counsel for the Corporate Debtor, this Authority is satisfied that the Corporate Debto .....

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ices of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 10. The Operational Creditors have not proposed the name of the IRP. Therefore, this Authority proceed to appoint Mr. Shankar as IRP, whose name is in the Panel of IRPs recommended for appointment as IRPs in the State of Tamilnadu, his E-mail is iiip@gshankar.com, mobile No. 9443049677. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016, within three (3) days f .....

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