TMI Blog2020 (2) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... s Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 2120/MB-IV/2019 - - - Dated:- 22-10-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member Ms. Namrata Biyawat for the Operational Creditor. ORDER Rajasekhar V.K., This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by Bostock New Zealand Limited ( the Operational Creditor ), a company within the meaning of section 2(20) of the Companies Act, 2013 and represented by its Authorised Signatory, Prerak Hora, on the basis of a Board Resolution dated 14.03.2019 seeking to initiate Corporate Insolvency Resolution Process (CIRP) a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... delayed payments. Bank statements are also attached as Exhibit 'G' at pages 37. The total debt due and payable to the Operational Creditor is US $1,09,592.00 (United States Dollars one lakh nine thousand five hundred and ninety-two only), as mentioned at page 13 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 19.03.2019 to the Corporate Debtor (Exhibit 'N', pp.160-168) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. 7. The Corporate Debtor has remained not submitted any reply in the matter. 8. We have heard the arguments of the Learned Advocate for the Operational Creditor and perused the records. 9. It is clear from the documen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter of Comfort Bond for Repayment dated 16.08.2018 issued by the Corporate Debtor giving repayment schedule for clearing the outstanding amounts (Exhibit 'I' at p.147 of the Petition). But even these have not been honoured. Therefore, it is clear that the payment remains outstanding to the Operational Creditor. 14. 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 Adjudgi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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