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TMI Blog2019 (12) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... vency Resolution Process (CIRP) against En Power Solutions Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 13.10.2010 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U40100MH2010PTC208971. Its registered office is C/o Madhu Nair, 504, Old Ramdaspeth, Near Lendra Park, Nagpur, Maharashtra 440010. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 05.09.2018 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 1,88,96,396.00 (Rupees one crore eighty-eight lakh ninety-six thousand three hundred and ni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel appeared for the Corporate Debtor at the hearing on 27.09.2019. 7. We have heard the submissions of both sides and perused the records. 8. There is no reply either to the Demand Notice dated 01.06.2018 (pp. 14-24), nor to the Petition itself in spite of repeated opportunities. The receipt of the Demand Notice by the Corporate Debtor is evidenced by the postal receipts and tracking information placed at pp.25-30 of the Petition. 9. Mr. Sumit Yadav, Learned Counsel for the Corporate Debtor, appeared during the hearing on 27.09.2019 and submitted that the Corporate Debtor is not in a position to pay the amount due to the Operational Creditor. This statement is recorded. There is, therefore, a clear-cut admission on the part of the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be a moratorium under section 14 of the IBC, in regard to the following: (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 Operational Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns as per the IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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