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TMI Blog2021 (9) TMI 633X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority) Rules, 2016 in the capacity of "Operational Creditor" by invoking the provisions of section 9 of Insolvency & Bankruptcy Code, 2016 (Code) against Opal Luxury Time Products Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. In the requisite Form, under the head "Particulars of Operational Debt" the total amount in default is stated to be Rs. 10,45,467/- (Rs. 6,92,514/- as a sum + Rs. 3,52,953/- as an interest @24% p.a.), The date of default is stated to be 09.01.2018. SUBMISSIONS BY THE PETITIONER 3. A brief history of the transaction between the Petitioner and the Corporate Debtor is as follows. The Petitioner is in the business of manufacturing of watches, clocks and accessories relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IN REPLY 9. The Corporate Debtor is in the business of manufacturing and marketing of wall clocks and table clocks. The Petitioner is a supplier to the Corporate Debtor. 10. The Corporate Debtor submits that the outstanding in the books of the Corporate Debtor towards the goods supplied by the Petitioner is only Rs. 6,92,514/-. 11. The Corporate Debtor desists the claim of the Petitioner of interest on the amount as it was a business deal and not a money lending transaction. 12. The Corporate Debtor informed the Petitioner about the financial issues faced by the Corporate Debtor company and asked for time to pay the dues of Rs. 6,92,514/-. 13. In February, 2020, the business of the Corporate Debtor was again hit by the covid 19 pandemi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor replied to said demand notice stating that they were unable to pay the monies and were facing financial distress. The Corporate Debtor filed reply and sought time of 12 to 15 months to pay the outstanding balance. Therefore, in view of the facts of the present case which clearly demonstrate the debt which was due for payment under the invoices raised by the Petitioner and the admission of liability by the Corporate Debtor and express declaration of inability of non-payment due to financial crisis, this petition is admitted. 19. The application filed by the Petitioner is on proper Form 5, as prescribed under the Adjudicating Authority Rules and is complete. 20. The Applicant has proposed name of Mr. Vithal M. Dahake, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 corporate debtor in respect of its property including any activity under the Securitization 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 possession of the corporate debtor. II. That 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. III. That the provisions of sub-section (1) of Section 14 of I & B Code shall not apply to such transact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. VIII. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. IX. The appointed IRP shall also comply the other provisions of the Code including Section 15 and Section 18 of The Code. Further the IRP is hereby directed to inform the progress of the Resolution Plan to this Bench and submit a compliance report within 30 days of the appointment. A liberty is granted to intimate even at an early da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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