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TMI Blog2021 (9) TMI 1195X X X X Extracts X X X X X X X X Extracts X X X X ..... rata Ranga, Advocate ORDER P.S.N. Prasad, Member (J) 1. This is an application filed by the Applicant M/s. Supreme Packaging Industries, A Partnership Firm through its partner Mr. Shariq seeking to initiate corporate insolvency resolution process ("CIRP") under Section 9 of the Insolvency and Bankruptcy Code 2016 ("the Code') of the Respondent M/s. Al-Tabarak Frozen Foods Private Limited fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;s satisfaction and requirements, the Corporate debtor had raised a purchase order. It was further agreed by the Corporate Debtor that any delay in payments after the grace period shall attract the penal interest @ 18% per annum and thereafter from time to time the applicant supplied and delivered the agreed material at Aligarh to the Respondent as per the arrangement between the Respondent and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to Rs. 16,16,292.44/- and despite repeated demands by the applicant the Respondent failed to pay the dues. v. That applicant submits that a statutory Demand notice under section 8 of IBC, 2016 vide dated 13.02.2020 was delivered to the Respondent. It was further submitted by the applicant that no reply or payment of any dues has been received till date. vi. That the total amount of debt is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts made by the Applicant. In view of the above situation, this Tribunal admits this petition and initiates CIRP on the Respondent with immediate effect. 1. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: "(a) the institution of suits or continuation of pending suits or proceedings against the Respondent including execution of any judgment, decree or ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process." 4. The interim resolution professional ("IRP") proposed by the Applicant is Mr. Vijay Kumar, (Email -vk hv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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