TMI Blog2019 (9) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. (IB) No. 200/9/NCLT/AHM/2018 - - - Dated:- 5-7-2019 - MR HARIHAR PRAKASH CHATURVEDI MEMBER (J) AND MS. MANORAMA KUMARI, MEMBER (J) For The Applicant : Advocate Mr Aayog Doshi For The Respondent : PCS Ms. Richa Goyal ORDER Per : Ms. Manorama Kumari, Member (Judicial) 1. That, the instant application is filed by Mr. Alkesh Govindbh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owledged by the respondent by various letters dated 24.02.2005, 27.03.2007, 15.10.2009, 04.01.2012, 26.12.2014, 12.10.2017 and 02.02.2018. That the respondent has made part payment of ₹ 48,000/- on 15.01.2018, 18.01.2018 and 20.01.2018 and as on 02.02.2018 principal sum of ₹ 6,92,043/ (Rupees six lacs ninety-two thousand forty-three only) is outstanding in favour of the applicant along with interest at the rate of 18% per annum from 02.02.2018 till the date of actual realisation of payment. That, the transaction is a continuous transaction and the claim is within limitation. That, the applicant has produced copies of all the invoices and correspondence made between the applicant and respondent. 5. It is further su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : 7. On perusal of the record, it is found that learned lawyer appearing on behalf of the respondent filed an affidavit admitting the outstanding amount of ₹ 6,92,043.00 stating that appropriate order may be passed. 8. On perusal of the material available on record it is found that, the respondent has not raised any dispute against the claim. 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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant is complete in all respects. 13. The applicant/operational creditor has proposed the name of Mr. Kailash T. Shah to act as Interim Insolvency Professional. This Adjudicating Authority hereby appoint Mr. Kailash T. Shah, 505, 21st Century Business Centre, Near World Trade, Ring Road, Surat 395 0023 (ipktshsh@qmail.com ) having registration No. IBBI/IPA-001/IP-P00267/2016-17/10511 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 insolvency r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 may be 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 authenticated copy o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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