9911796707
TMI Blog2018 (2) TMI 1930X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of Section 9 of the Insolvency and Bankruptcy Code (hereinafter as Code). 2. In the requisite Form, under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as. M/s. Global Proserv Limited (hereinafter as Debtor) having registered address at. Global Vision. Electronic Sadan No. 11, TTC Industrial Area, Mahape. Navi Mumbai - 400710. 3. Further under the Head "Particulars of Operational Debt" the total amount in default is stated as Rs. 2.01.328-. Submissions by the Petitioner : 4. It is submitted that, the Debtor is engaged in business of Supply of material which is required for tower used in telecom industry. 5. It is submitted that, the Operational Creditor has entered into an agreement with h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 328/-. And the Debtor himself has confirmed the said amount in his letter dated 23.02.2016 which was issued after transfer of share to the Operational Creditor. 11. It also stated that, in the very letter dated 18.12,2015 the Debtor has agreed to pay the remaining outstanding amount within 1 year thereafter but after issuance of these shares the Debtor has not repaid the outstanding amount till date. 12. Further that, hence feeling aggrieved the Operational Creditor has issued a Demand Notice under provisions of the Code on 18.08.2017 on the Debtor claiming the defaulted outstanding amount. 13. Further that, the said notice has been delivered by hand to the Registered Office of the Debtor hence, it has been duly served upon the Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment of outstanding amount but has not repaid the outstanding amount. 21. We have also perused the Affidavit of Service and came to conclusion that the Debtor has a knowledge of this Petition/Application, but he has nothing to represent in this matter. 22. Considering the above facts, in our opinion, the Operational Creditor has established that the nature of Debt is an "Operational Debt" as defined under section 5(21) of the Definitions under The Code, as the Operational Creditor has issued a valid purchase orders and also paid the advance amount for those purchases. Further, he has also established that there is a "Default" as defined under section 3 (12) of The Code on the part of the Debtor. 23. We have also perused the notice se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of appointment of IRP shall be applicable by prohibiting institution of any Suit before a Court of Law. transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 29. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 30. The ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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