9911796707
TMI Blog2019 (9) TMI 1450X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent-corporate debtor, a company registered under the Companies Act, 1956. The corporate debtor was incorporated on 01.11.1963 under the Companies Act, 1956 and continues now its existence with CIN No. U17119KL1963SGC002035 and has its registered office at Vizhinjam Road, Balaramapuram 695 501 in the State of Kerala and therefore, the matter falls within the territorial jurisdiction of this Tribunal. 2. The Operational Creditor is involved in the business of supplying raw cotton material to corporate debtor. 3. As per averments made in the application, the Operational Creditor supplied raw cotton material on various dates for which balance confirmation letter acknowledging the outstanding balance along with statement of account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Neither the Corporate Debtor nor its representatives have replied to the said demand notice sent by the Operational Creditor. Hence this petition is filed before this Bench. 6. On 28.08.2019, the counsel for both the parties represented and the counsel for respondent submitted that they are in the process of arriving at a compromise. 7. On 02.09.2019, counsel for Respondent submitted that as they are negotiating the matter, they prayed another few days for filing the memo and the same was agreed by the Petitioner's counsel. Therefore, the matter stands adjourned for another date as a last chance and as on 18.09.2019, no settlement memo is filed. FINDINGS: 8. We have heard both the parties and also perused whole case records includi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... absence of any 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', the application under Section 9 cannot be rejected and is required to be admitted. 9. It appears from the case record. i. The operational debt due to pay exceeds Rs. 1 Lakh ii. The documentary Evidence Furnished with appropriate source that the aforesaid debt is due and not paid till date. iii. There is no proof of existence of any earlier dispute between parties or arbitration proceedings filed before the Competent Authority. 10. On Perusal of the record it appears that Annexure 1 (A) is the Form 4 demand notice along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) as Interim Resolution Professional to carry out the functions as mentioned under IBC. He shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. The petition TIBA/4/KOB/2019, therefore, is admitted and the moratorium is declared for prohibiting all of the following in terms of Section 14(1) of the Code as amended:- a) 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; b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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