TMI Blog2021 (6) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... operational debt of ₹ 2,32,02,842/-has been made and demand notice in Form No. 3 was duly served on the Corporate Debtor through registered post and the amount due has been acknowledged by the Respondent. The Applicant has filed an affidavit under Section 9(3)(b) of the Code to the effect that there is no notice given by the Respondent relating to dispute of the unpaid operational debt. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the Application is admitted and the initiation of CIRP of M/s. ADIG Jemtex Pvt. Ltd. is directed. Application admitted - moratorium declared. - CP No. (IB)-01/9/JPR/2021 - - - Dated:- 17-6-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... office of the Company is at E-372, RIICO IND. Area, Hamirgarh Growth Center, Bhilwara- 311001 (Rajasthan). The authorised share capital of the Respondent is ₹ 1,30,00,000/- (Rupees One Crore Thirty Lakhs Only) and the paid-up share capital is of ₹ 1,25,10,450/- (Rupees One Crore Twenty Five Lakhs Ten Thousand Four Hundred and Fifty Only). 4. It is the case of the Applicant that since April 2017, the Applicant had been supplying goods/products to the Respondent and raised various invoices. As per the payment terms, the Respondent was required to make the payment of invoiced amounts within 4 days from the date of invoice, failing which the Respondent was liable to pay interest @ 18% p.a. Further, the Respondent had defaulted in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the debt is not time barred and the Application is filed within the period of limitation. 11. In the given facts and circumstances, we find that the application in Form 5 is complete; no payment of the unpaid operational debt of ₹ 2,32,02,842/-has been made and demand notice in Form No. 3 was duly served on the Corporate Debtor through registered post and the amount due has been acknowledged by the Respondent. The Applicant has filed an affidavit under Section 9(3)(b) of the Code to the effect that there is no notice given by the Respondent relating to dispute of the unpaid operational debt. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the Application and direct the initiation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... take over the affairs of the Corporate Debtor and duties as required to be performed by him under the provisions of Code including issue of publication in widely circulated Newspapers as contemplated under the provisions of the Code and calling for claims from the creditors of the Corporate Debtor; and collation of the same shall be done. (ii) Further, as a sequel of admission, moratorium as envisaged under Section 14 of the Code is invoked in relation to the Corporate Debtor which will be in vogue during the CIRP of the Corporate Debtor. The IRP shall carry out CIRP strictly as per the timelines specified and as envisaged under the provisions of the Code in relation to the Corporate Debtor. (iii) The said IRP shall act strictly i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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