TMI Blog2019 (11) TMI 1570X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor to the Operational Creditor during the pendency of this application - it can safely be deduced that there is an admitted outstanding debt of ₹ 1,05,17,735 payable by the Corporate Debtor to the Operational Creditor which was to be paid by the end of 31st August, 2019 in instalments as per its own acknowledgement which the Corporate Debtor has failed to discharge. This Adjudicating Authority is therefore of the view that Corporate Insolvency Resolution Process has to be initiated against the Corporate Debtor - Application admitted - moratorium declared. - C.P. (IB) NO. 185/KB/2018 - - - Dated:- 25-11-2019 - Jinan K.R., Judicial Member And Harish Chander Suri, Technical Member For the Applicant : Avirup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he manner of raising invoices by the Operational Creditor and mode of payment by the Company. 3. It is further submitted that when the Corporate Debtor failed to clear the dues, the Operational Creditor issued a demand notice dated 7th August, 2017 to the Corporate Debtor and its Directors. The Operational Creditor has not annexed proof of delivery but since the Corporate Debtor vide its reply dated 17th August, 2017 acknowledged the receipt of notice, the requirement of proof of delivery stands waived. 4. In its reply the Corporate Debtor has unsuccessfully tried to raise a sort of dispute even though in fact there is none. The relevant paragraph of the reply is as under:- Meanwhile the issue regarding C Forms provision is also b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9(5)(ii)(d). 7. We have heard the Ld. Counsel for both the parties at length. During the course of discussions both of them took us through the relevant documents filed and being relied upon by them. While the Corporate Debtor tried to defend itself on the basis of the so called pre-existing disputes and counter claims on account of breakages and wastage compensation, the whole argument and the plea of the Corporate Debtor was demolished by the letter dated 12th March, 2018 having been admittedly written by the Corporate Debtor to the Operational Creditor which superseded all the correspondences between the parties. The relevant portion of the said letter is reproduced hereunder:- We, M/s. Glaze Infrastructure Private Limited, hereb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, admit the application upon the following:- ORDERS (i) The application filed by the Operational Creditor under section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Glaze Infrastructure Private Limited is hereby admitted. (ii) We hereby declare a moratorium and public announcement in accordance with sections 13 and 15 of the IBC, 2016. (iii) Moratorium is declared for the purposes referred to in section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under section 15. The public announcement referre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate insolvency resolution process. (viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of the corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (ix) Mr. Krishnaswami C.V.R. registered with Insolvency and Bankruptcy Board of India, having registration number IBBI/IPA-001/IP-P01302/2018-2019/12217, E-mail ID: rpcvrkswami@gmail.com, Mobile No. 9433060003, is hereby appointed as Interim Resolution Professional by this Tribunal for ascertaining the particulars of cre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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