TMI Blog2021 (8) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ent within a period of Two years. The proposal of the Corporate Debtor is not acceptable to the Operational Creditor. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no pre-existing dispute brought on record. Hence, there is no reason to deny the admission of the Petition. In view of this, Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voice and therefore default started from 05.08.2019 (i.e. the date on which invoices should have been paid. 4. The Operational Creditor had raised two invoices for supply of TMT/Round Bars for a total value of ₹ 85,76,908/- (Rupees Eighty-Five Lacs Seventy-Six Thousand Nine Hundred Eight only) on 04.06.2019 and 05.06.2019 (Annexure-2). The details of the invoices are Invoice No. 461 for ₹ 51,62,079/- (Rupees Fifty-one Lacs Sixty-two Thousand and Seventy-nine Eight Only) and Invoice No. 462 for ₹ 34,14,829/- (Rupees Thirty-Four Lacs Fourteen Thousand Eight Hundred Twenty-nine Only). The rent against ware house charges are ₹ 1,55,800/- (Rupees One Lakh Fifty-five Thousand Eight hundred only). 5. Thereafter, Opera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pay of its liability. 10. On the date of final hearing Counsel for the Corporate Debtor submitted that they are willing to settle the issue and ready to make entire payment within a period of Two years. The proposal of the Corporate Debtor is not acceptable to the Operational Creditor. 11. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no pre-existing dispute brought on record. Hence, there is no reason to deny the admission of the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium, - (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Tribunal approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) The Registry is directed to communicate this Order to the Operational Creditor and the Corporate Debtor by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. A copy of this Order shall also be communicated to the IRP immediately such appointment. (j) A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a cop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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