Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home

2019 (10) TMI 415

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... sts debt as well as occurrence of default - the Application filed by the Applicant is complete in all respects. Application admitted - moratorium declared. - C.P. (I.B) No. 229/9/NCLT/AHM/2019 - Dated:- 14-6-2019 - MS. MANORAMA KUMARI, MEMBER (J) For The Applicant : Advocate Mr Nilesh Uderani For The Respondent : Advocate Mr. Parth Shah ORDER 1. That, the instant application is filed by Mr. Sanjay Kumar, under Section 9 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Brain Master s Classes Private Limited (hereinafter called as respondent/c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... notice as well as copy of proof of receipt of demand notice is provided as Annexure 3 & Annexure 4 to the application respectively. 5.1 The applicant has submitted copies of the following documents in support of the claim:- Sr. No. Particulars Annexure No. Page No. 01 Table showing particulars of debts 1 5 02 Statement of bank account showing payment has not been made 2 6 03 Demand notice 3 7-20 04 Proof of receipt of demand notice 4 21 05 Print out of extract of records of respondent available on the website of MCA 5 22 6. The respondent/corporate debtor has filed affidavit in reply inter alia stating that the operational creditor was rendering professional services to the respondent and as per regular practice, raised various invoice .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... respondent has made best of its efforts to revive the respondent company and for the purpose, the respondent shall take at least a period 12-14 months and it will be only subsequent to the successful revival it will be able to clear and pay off its debts to its creditors. That, the Adjudicating Authority may pass an order as it may be deemed fit and proper and the respondent undertake to abide by the same. 8. Heard the arguments of the learned counsels appearing for both the sides. Findings: 9. On perusal of the material available on record it is found that, the notice issued through the Registry as also notice issued by the petitioner to the respondent is duly served on the respondent and the respondent has admitted the debt. Therefore, th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ant and in support of that operational creditor has placed copy of the invoices at page No. 11 to 20 to the application. That, there is/are no existing dispute raised by the respondent at any point of time nor there is any proceeding pending viz. suit or arbitration between the parties in any Court of Law. That, all the bills raised by the applicant on the respondent are of the year 2017 & 2018. That, the instant application is filed on 19th March, 2019. That, the respondent has acknowledged the debt in the affidavit in reply filed on 2nd May, 2019. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ode. 17. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub_section (1) of Section 14 of the Code:- (i) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of F .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map ||