TMI Blog2021 (4) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... ce, for this reason alone this application can be admitted. Further the debt is due and payable because it is not barred by limitation nor it is premature. No dispute prior to issue of notice under Section 8 of IBC, 2016 exists as evident from the material on record. A default has occurred in payment thereof. The outstanding amount is more than ₹ 1,00,000/-, being threshold limited to admit the petition filed under Section 9 of IBC, 2016. Application admitted - moratorium declared. - CP (IB) 91/9/NCLT/AHM/2020 - - - Dated:- 24-3-2021 - Madan B. Gosavi, Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant : Manan K. Paneri, Learned Counsel ORDER Virendra Kumar Gupta, Member (T) 1. This application h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely, the aforesaid notice under Section 8 of IBC, 2016 had been served. The Learned Counsel submitted that having regard to these facts, this application was liable to be admitted. It was also brought to our notice that name of IRP had not been proposed who could be appointed by this Authority, if the application was admitted. 5. We have considered the submissions made on behalf of applicant and material on record. It is not in dispute that applicant was serving as General Manager of the Corporate Debtor. This fact is further supported by Form-16 issued under the provisions of Income Tax Act, 1961 which confirm the quantum of salary. It is also not in dispute that reply to notice of demand issued under Section 8 of IBC, 2016 has not been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 2. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency Bankruptcy Code, 2016. The Operational Creditor is directed to pay# an advance of ₹ 25,000/- (Rupees Twenty Five Thousand Only) to the IRP within two weeks from the date of receipt of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process (CIRP) and IRP to file proof of receipt of such amount to this Adjudicating Authority along with First Progress Report. 8. The Registry is directed to communicate a copy of this order to the Operati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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