TMI Blog2019 (2) TMI 1501X X X X Extracts X X X X X X X X Extracts X X X X ..... d to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the Code. The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 for the purpose of discharging his functions under Section 20 of the I&B Code, 2016. The Operational Creditor and the Registry are directed to send the copy of this Order to IRP with immediate effect, so that h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was proceeded ex-parte on 17.12.2018. 3. Heard the Counsel for the Operational Creditor, and perused the record placed on file. 4. The Operational Creditor has claimed an amount of ₹ 94,95,232/- as outstanding against the Corporate Debtor as on 30.11.2017, which the Corporate Debtor has failed to pay. 5. The brief facts of the case are that both the Operational Creditor and the Corporate Debtor are engaged in the business of manufacturing fabric, and in particular, the Corporate Debtor is a grey fabric manufacturer. On consensus terms having common business interest in fabric domain, the Operational Creditor has supplied yarn to Corporate Debtor for converting it into grey fabric on Job Work basis at agreed commercial ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Operational Creditor had again sent a Demand Notice in Form-3 dated 05.01.2018 and 17.01.2018 which were also returned with the same endorsement company closed . Thereafter, the Operational has chosen to send Form -3 notice through e-mail service to the whole time Director of the Corporate Debtor dated 06.03.2018 and the same was delivered to the Corporate Debtor on 06.03.2018. Copy of the e-mail dated 06.03.2018 is placed at page 23 of the typed set filed with the Application. However, the Director of Corporate Debtor has not sent any reply to the said e-mail. 8. The Operational Creditor has complied with Section 9(3)(b) (c) of the I B Code, 2016, by filing Affidavit, wherein under Para 4, it has been deposed that no notice has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 11. The supply of essential goods or services 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. 12. Mr. C. Ramasubramaniam is hereby appointed as IRP, as has been propos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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