TMI Blog2019 (9) TMI 676X X X X Extracts X X X X X X X X Extracts X X X X ..... n 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default - the Application filed by the Applicant is complete in all respects. It is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code - Petition admitted - moratorium declared. - C.P. (I.B.) No. 115/9/NCLT/AHM/2019 - - - Dated:- 25-7-2019 - MS. MANORAMA KUMARI, MEMBER (J) For The Petitioner : Ms. Kristy Baptist For The Advocate And Aditya Parmar, Advocate For The Respondent : . Dr. Hiten Parikh, Advocate PCA And Jatin Sehgal ORDER 1. That, the instant application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ally over telephone reminded the corporate debtor several times to pay the remaining amount of ₹ 2,10,000/- (Rupees two lacs ten thousand only) and also issued reminder letters, dated 25th October, 2018, and 10th November, 2018, demanding the outstanding amount, however, the corporate debtor has grossly failed to pay the outstanding amount. That, there is no dispute regarding the outstanding amount and the quality of the services provided by the operational creditor. That, the outstanding amount is acknowledged and admitted by the corporate debtor, which is also reflected in the books of account of the corporate debtor. That, the operational creditor issued demand notice, dated 20.11.2018, as per form 3 of the IB Code and no reply has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor has acknowledged and has admitted the debt. 8. On perusal of the material available on record it is also found that, the respondent has not raised any dispute against the claim and has admitted claim of the operational creditor by way of affidavit. 9. While examining an application under Section 9 of the Act, will have to determine the following: - (i) Whether there is an operational debt as defined exceeding ₹ 1.00 lac (see Section 4 of the Act) ? (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of order, the operational creditor submitted purshis inter alia requesting to replace the interim resolution professional with Mr. Parag Sheth along with a letter of consent from Mr. Rajesh Lohia. Therefore, this Adjudicating Authority hereby appoint Mr. Parag Sheth, 4-4, Sachet - 2, Opp. GLS University, Maradia Plaza, C.G. Road, Ahmedabad 380 006 having registration No. IBBI/IPA-002/IP-N00142/2017-18/10381 to act as an interim resolution professional under Section 13(l)(c) of the Code. 14. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as maybe notified by the Central Government in consultation with any financial sector regulator. 18. The order of moratorium shall have effect from the date of receipt of authentica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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