TMI Blog2020 (1) TMI 1078X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition - In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 1887/MB-IV/2019 - - - Dated:- 22-10-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member Ulhas Shetty for the Applicant. ORDER Rajasekhar V. K., This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by M/s Precision Cut Industries ( the Operational Creditor ), a partnership firm represented by its Partner, Manis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .09.2019. The total debt due and payable to the Operational Creditor is ₹ 14,73,005.00 (Rupees fourteen lakh seventy-three thousand and five only), as mentioned at page 9 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 12.03.2019 to the Corporate Debtor (Exhibit 'H', pp.49-56) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. 7. The Corporate Debtor did not respond to the Petition nor were they represented at any stage of the proceedings. 8. We have heard the arguments of the Learned Authorised Representative for the Operational Creditor and perused the records. 9. The Demand Notice dated 12.03.2019 has been d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Operational Creditor in favour of the Corporate Debtor and also that a sum of ₹ 14,73,005/- is due and payable in this regard. 13. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 14. The Operational Creditor has not proposed the name of any Interim Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Tribunal approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) The Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X
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