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TMI Blog2019 (10) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... ptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. Heard the representatives for the Operational Creditor, the Corporate Debtor and perused the record placed on file. 3. The Operational Creditor has claimed an amount of Rs. 3,13,409/- as outstanding against the Corporate Debtor including interest as on 30.09.2018, which the Corporate Debtor has failed to pay. 4. The brief facts of the case of the Operational Creditor are that the Corporate Debtor viz., M/s. Honeycomb Technologies Private Limited has been established for treating t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/-. 9. The Operational Creditor has issued a Demand Notice dated 26.10.2018 under Section 8 of the I&B Code, 2016 to the Corporate Debtor, wherein the particulars of the operational debt due are mentioned, which has been delivered on 29.10.2018. Copy of notice is placed at pages 18 and 19 of the typed set filed with the Application. Copy of track delivery report is placed at page 26 of the typed set filed with the Application. 10. The Operational Creditor has complied with Section 9(3)(b) & (c) of the I&B Code, 2016, by filing Affidavit, wherein under Para 4, it has been deposed that no notice has been received by the Operational Creditor from the Corporate Debtor with regard to the existence of a dispute in relation to the unpaid ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced by the Operational Creditor, the Corporate Debtor has received an amount of Rs. 1,75,000/- from the Operational Creditor and it could neither perform its obligation nor could repay the amount received from the Operational Creditor. Besides the above, during the course of arguments, the representative for the Corporate Debtor has submitted that the Corporate Debtor is not in a position to make the payment of the outstanding debt in the near future and prayed to pass an appropriate order. Thus, there is a clear admission of the outstanding debt due to the Operational Creditor by the Corporate Debtor. 14. The Operational Creditor has fulfilled all the requirements of law for admission of the Application. This Authority is satisfied that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 17. Mr. J. Manivannan is hereby appointed as IRP, as has been proposed by the Operational Creditor. There is no disciplinary proceeding pending against the IRP as is evidenced from Form-2. On the direction of this Authority dated 22.05.2019, the Operational Creditor has brought a Demand Draft for an amount of Rs. 5 Lakhs in the name of IRP as expenses for public announcement and other initial expenses of the IRP. The IRP is directed to collect the Demand Draft from the Registry and to take charge of the Corporate Debtor's management immediately. The IRP is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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