TMI Blog2021 (5) TMI 133X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor is also within the State of Tamilnadu, hence this Adjudicating Authority has jurisdiction. The alleged debt due is between the period from 01.04.2018 to 17.07.2019. Hence, it is well within the period of limitation. The Corporate Debtor has made part payment towards outstanding. The last payment of a sum of ₹ 2,00,000/- was pending. The Corporate Debtor issued cheques and failed to honour the same. This Adjudicating Authority is inclined to admit the Application as has been filed by the Operational Creditor and consequently Corporate Insolvency Resolution Process is initiated - Petition admitted - moratorium declared. - IBA/1324//2019 - - - Dated:- 15-4-2021 - Sucharitha R., Member (J) and Anil Kumar B., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or had sent demand notice on 03.08.2019 in Form-3 for which the Corporate Debtor has not sent its reply. It is further submitted that the Operational Creditor has filed copy of Bank Statement from 16.03.2019 to 05.09.2019. 4. Heard both the parties and perused documents placed before this Adjudicating Authority. The Operational Creditor has proved existence of 'debt' and 'default'. Moreover, this application was filed on 30.09.2019. The pecuniary jurisdiction of this Adjudicating Authority, at the time of filing this application was debt due Rs. one lakh and above. Hence, this Adjudicating Authority has jurisdiction to adjudicate this petition. The registered office of the Corporate Debtor is also within the State of Tami ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9(5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of-pending suits or proceedings against the respondent 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 of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 50,000/- (Rupees Fifty Thousand only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out the expenses to perform the functions assigned to him in accordance to Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 10. Based on the above terms, the Application stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this date. A copy of the Order shall be communicated to the Operational Creditor as well as to the Corporate Debtor above named by the Registry. In addition, a copy of the Order s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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