TMI Blog2019 (10) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... e exists 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as compelled to issue demand notice dated 23.02.2019 calling upon the respondent to clear the dues within ten days. That, copy of demand 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to resolve and amicable settle the dispute with respect of the payment of amount due and payable and have also shown readiness and willingness to pay the outstanding amount, however, the respondent requires at least a period of one year to make the payment towards the amount due and payable to the petitioner, inasmuch as, on account of economic recession in the Indian Market, the corporate debtor is facing a temporary financial crunch which has resulted to and has added various debts and liabilities in the name of the respondent and as a result of the same the said crunch has disrupted the operations of the respondent temporarily. That, though the respondent is ready and willing to pay the amount due the fact remains that the respondent is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on shows that the aforesaid debt is due and payable and has not yet been paid and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? 11. In view of the aforesaid discussions and before rejecting and/or admitting the application, we must refer to the legislation guide on Insolvency Law of United Nations Commission on International Trade Law. One of the things the Legislative Guide spoke about was whether the debt is subject to a legitimate dispute or set off, in an amount equal to or greater than the amount of the debt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion No. IBBI/IPA-001/IP-P01390/2018-19/12178 to act as an interim resolution professional under Section 13(l)(c) of the Code. 15. 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 resolution and call for submission of claims as provided under Section 15 of the Code. Sub_section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority directs the Insolvency Resolution Professional to make public announcement of initiati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor, 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. 19. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 20. This Petition stands disposed of accordingly with no order as to costs. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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