TMI Blog2021 (5) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Process of the Corporate Debtor - Notice of this application was duly served to the Corporate Debtor. One of its Directors, Mr. Mukund D. Patel appeared and filed the reply. We have gone through contentions therein. It appears to us that the Corporate Debtor did not dispute the fact that the operational debt of more than ₹ 17,62,920/- is due and payable by it to the Operational Creditor. It has also admitted that the payment of operational debt could not be made due to peculiar financial position that has arisen due to COVID-19 pandemic. Since the Corporate Debtor admitted the existence of its debt and the default and also admitted that he did not make any payment in-spite of receipt of demand notice, we did not go into detai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,920/-. The Corporate Debtor did not make payment as agreed. However, both of them had entered into agreement under which, the Corporate Debtor delivered the Operational Creditor, eight (08) post-dated cheques towards the payment of price of the goods. 4. It is the say of the Operational Creditor that, while he was to present the cheques for encashment, he received a letter dated 18.12.2019 from the Corporate Debtor informing not to present the cheques, as the cheques were cancelled. Since the Corporate Debtor did not pay the outstanding, till 14.09.2020, the Operational Creditor served on the Corporate Debtor a demand notice under Section 8 of the IB code. In-spite of receipt of such notice, the Corporate Debtor neither made any paymen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Insolvency Professional and left the matter discretion of this authority. 9. The application is defect free Hence, we admit the Corporate Debtor in the Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016 by following order: ORDER 1. The Corporate Debtor, M/s. Decent Laminates Pvt. Ltd. (CIN: U20219GJ1985PTC008230) is hereby admitted in Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016. 2. The moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is declared for prohibiting all of the following in terms of Section 14(1) of the Code. a. the institution of suits or continuation of pending suits or proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... functions as contemplated, inter-alia, by Sections 17, 18, 20 21 of the Code. It is further made clear that all personnel connected with Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extending every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or co-operate with IRP, do not assist or Co-operate, the IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 6. This Adjudicating Authority directs the IRP to make a public announcement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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