9911796707
TMI Blog2019 (6) TMI 1352X X X X Extracts X X X X X X X X Extracts X X X X ..... hort, "Operational Creditor") against M/s. Royal Landmarks Housing & Developers Private Limited (in short, "Corporate Debtor") under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, IB Code, 2016) r/w Rule 6 of the Insolvency and Bankruptcy (Application of Adjudicating Authority) Rules, 2016 (for brevity, IB Rules 2016). 2. Before going into the details for the purpose of determination of this Petition, it would be appropriate to refer to some important events in chronological order which have a bearing on the present case. 3. The Operational Creditor, a private limited company under the Companies Act, 1956 engaged in the business of hiring steel centering and scaffolding materials having their registered office at GKS Ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught to the knowledge of Operational Creditor within ten days on the receipt of demand notice. There was no response from the Corporate Debtor to the said notice. The Operational Creditor sent private notice on 30.11.2018 as directed by this Tribunal and filed proof of service. As the Corporate Debtor failed to repay the outstanding dues, the Operational Creditor filed this company petition under Section 9 of the Code claiming default amount as Rs. 15,71,653 (Rupees Fifteen Lakhs, Seventy One Thousand Six Hundred and Fifty Three only) together with interest at the rate of 24 per cent till the date of realisation. 7. The Corporate Debtor has not filed any written statement denying the liability. The Corporate Debtor has remained absent and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following namely:- (i) the institution of suits or continuation of pending suits or proceedings against the Corporate Debtors including execution of any judgment, decree or order in any court of law, Tribunal, Arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the Corporate Debtors any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the Corporate Debtors in respect of its property including any action under the Securitization and Reconstruction or Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by a owner or lessor where s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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