TMI Blog2019 (2) TMI 885X X X X Extracts X X X X X X X X Extracts X X X X ..... follow in relation to the Corporate Debtor prohibiting accordingly. - Company Petition No. IB- 1281/ND/2018 - - - Dated:- 8-1-2019 - DR. DEEPTI MUKESH, MEMBER (Judicial) For The Applicant : Mr. Prateek Gupta, Adv. ORDER 1. The present application is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity IBC, 2016 ) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules ) by Mr. Ram Bheer Singh, as the proprietor of the Operational Creditor (for brevity Applicant ) with a prayer to initiate the Corporate Insolvency process against M/s Stride Autoparts Limited (for brevity The Company ). 2. The principal place of business of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 36/-. 8. Out of the said invoices a sum of ₹ 33,04,645/- is outstanding till date. On failure of the Corporate debtor to pay the outstanding dues of the Operational creditor, a legal notice dated 07.07.2017 was issued to the corporate debtor demanding the payment of the unpaid operational debt, however the Corporate debtor failed to make any payment of the Operational Debt. 9. The applicant has stated that Principal amount of debt due and payable by the Corporate Debtor to the applicant is ₹ 33,04,645/- along with the interest at 18% till the payment. 10. The Applicant from time to time requested the Company to clear the outstanding amount, despite various reminders the respondent company has failed to honour its commit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Hence, the present application is admitted. 16. As a consequence of the above facts and record, application is admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor prohibiting all of the following: 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 corporate debtor any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 9(5) of IBC, 2016. 17. The Operational Creditor has proposed the name of an Interim Resolution Professional. In view of the same, this Bench appoints Mr. Devendra Singh having registration no. IBBI/IPA-002/IP-N00001/2016-17/10001 having email address dev_singh2006@yahoo.com as the IRP of the Corporate Debtor. The IRP is directed to take all such steps as are required under the statute, more specifically in terms of Sections 15,17,18,20 and 21 of the Code. 18. The IRP is directed to file his report within the statutory period as required under Insolvency and Bankruptcy Code, 2016 19. A copy of the order shall be communicated to the Applicant as well as to the Respondent Company above named by the Registry. Further the IRP above na ..... X X X X Extracts X X X X X X X X Extracts X X X X
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