TMI Blog2019 (3) TMI 1779X X X X Extracts X X X X X X X X Extracts X X X X ..... bility to argue the matter. Hence, this Bench hereby hold that this Application is fit for admission for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Petition admitted - moratorium declared. - IBA NO. 199/2019 - - - Dated:- 20-3-2019 - B.S.V. Prakash Kumar, Judicial Member And S. Vijayaraghavan, Technical Member For the Applicant : Ms. Usha Balasubramaniam, Adv. For the Respondent : M. Sathiavel and Ms. R. Ashwini, Advs. ORDER S. VIJAYARAGHAVAN, TECHNICAL MEMBER 1. Matter under consideration is a Company Petition filed by M/s. Esskay International (in short, Operational Creditor ) against M/s. Paramount Mills Private Limited (in short, Corporate Debtor ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hundred and Seventy Five only) including 5% GST. The Operational Creditor had placed the said order for the purpose of fulfilling an Export Order and made full advance amount as mentioned above and credited to Corporate Debtor's Bank account on 07.11.2017 (page 25). 5. The learned counsel for Operational Creditor further stated that before taking delivery of the material from Corporate Debtor, the representative of Operational Creditor complained that quality supplied appeared to be different on visual inspection. The Corporate Debtor informed that they have used 80s count on both side instead of 80 x 100. At the time of placing the order, the Corporate Debtor has assured that the supply of materials would be delivered by 20.11.2017. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .11.2017 to 02.08.2018; (iii) Demand Notice (under Section 8 Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016) on 29.08.2018; (iv) tracking report for the delivery of notice; (v) Bank Statement etc. before this Tribunal. 8. As we have gone through all the material documents filed by the Operational Creditor, we are of the view, that the Operational Creditor furnished all material documents proving existence of debt. Further, the Corporate Debtor has not pointed out any instances of dispute as they are mandated to do as per Section 8(2) of the I BC, 2016 and has not filed any written statement except for one occasion where the counsel for the Corporate Debtor appeared before this Bench on 27.02.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court of law, Tribunal, Arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtors 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 Debtors in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by a owner or lessor where such property is occupied by or in the possession of the Corporate Debtors. 12. The supply of essential goods or services of the Corporate Debtors shall not be terminated or suspended ..... X X X X Extracts X X X X X X X X Extracts X X X X
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