TMI Blog2019 (9) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... n 180 days, reckoning from the day this order is passed. Petition admitted - moratorium declared. - CP/1475/IB/2018 - - - Dated:- 28-6-2019 - CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) For The Operational Creditor : Mr. D. Peruman Saranyan, Counsel for Mr. A. M. Elanga ORDER Per : CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) 1. Under Adjudication is CP/1475/IB/2018 that has been filed by the Operational Creditor under Section 9 of the Insolvency Bankruptcy Code, 2016 (in short, I B Code, 2016 ) r/w Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the Application, to initiate the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the MoU contemplates that in the event of delayed payments, the Corporate Debtor shall be liable to pay interest at the rate of 18% per annum on the unpaid amount. Clause 6 of the MoU requires the Operational Creditor to take back all the Rental Equipments entrusted to Corporate Debtor in the event of default beyond three month. 6. The Corporate Debtor contravened the terms and conditions of the MoU and defaulted from the month of April, 2018. In acknowledgement of its liability, the Corporate Debtor issued three Cheques dated 25.04.2018, 04.05.2018 and 25.06.2018 in favour of the Operational Creditor but the same were dishonoured on presentation. Copies of Cheques and Cheque Return Memo issued by the HDFC Bank are placed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted default in making payment of the outstanding debt claimed by the Operational Creditor. Therefore, Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 10. The moratorium is declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I B Code, 2016. It is ordered to prohibit all of the following, namely :- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors in the manner as prescribed. 13. The 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. 14. The Operational Creditor and the Registry are directed to send the copy of this Order to IRP with immediate effect, so that he could take charge of the Corporate Debtor s assets etc., and make compliance with this Order as per the provisions of I B Code, 2016. The address and other detai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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