TMI Blog2021 (3) TMI 1096X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly, the CIRP is initiated and moratorium is declared in terms of provisions of Section 14 of the Code. Application allowed. - (IB)-1045(ND)2020 - - - Dated:- 12-3-2021 - SH. ABNI RANJAN KUMAR SINHA, MEMBER (J) SH. L. N. GUPTA, MEMBER (T) For the Operational Creditor : Mr. Rajnish Sinha, Advocate For the Corporate Debtor : Mr. Aditya Dewan and Mrs. Siddharth Chechani, Advocates ORDER The present Petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (`IBC, 2016') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (`the Rules') by M/s Rhydburg Pharmaceuticals Ltd. Through its Authorized Representative Sh. Ashok Monga (`Operational C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Operational Creditor has annexed the Invoices from Page 102 to 129 of the Petition, depicting transaction between the parties. 9. Further, the Operational Creditor has also annexed the Ledger Account of the Corporate Debtor reflecting transactions. 10. It is stated by the Operational Creditor that it had followed up the Corporate Debtor several times for its payments. The Operational Creditor has also placed emphasis on its letter dated 29.01.2020, annexed at Page 130 of the Petition, whereby the Corporate Debtor was asked to clear it dues. 11. That it is submitted by the Operational Creditor that since the Corporate debtor did not make the payments due, it had issued a Demand Notice dated 10.03.2020 under Section 8 of IBC, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition is filed after 25.03.2020 17. After going through the records, averments and hearing submissions of both the parties, this Bench observes that : (i) The Corporate Debtor has neither brought the existence of dispute nor filed any record of pendency of any suit or arbitration proceedings before the receipt of demand notice or invoice in relation to such a dispute within 10 days from the receipt of the Demand Notice in terms of the Section 8(2)(a) of IBC 2016, nor it had made the payment of the entire Operational Debt in terms of Section 8(2)(b) of IBC 2016. (ii) To check whether the present Petition is barred by Section 10A of IBC 2016, it is necessary to visit the Provisions of Section 10A of IBC 2016. The same are reprodu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the part of Corporate Debtor in making payment of the operational debt. The Petition filed under Section 9 fulfills all the requirements of the law. Therefore, we admit the petition in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of provisions of Section 14 of the Code. 20. As a necessary consequence of the moratorium in terms of Section 14 (1) (a), (b), (c) 86 (d), the following prohibitions are imposed, which must be followed by all and sundry: (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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