TMI Blog2021 (10) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.19, payment of ₹ 1,00,000 was released against the outstanding. The applicant has placed sufficient evidence in support of its claim. Going by the above details, the OC has clearly established the existence of debt and default on the part of the CD. The petition is within the limitation period. The present application deserves to be admitted. Hence, the present application is admitted initiating CIRP on the CD, with immediate effect - moratorium declared. - IB-3107/ND/2019 - - - Dated:- 24-8-2021 - Abni Ranjan Kumar Sinha, Member (J) And Kapal Kumar Vohra, Member (T) For the Appellant : Gaurav Bahl, Adv. For the Respondents : Jhum Hum Sarkar ORDER Kapal Kumar Vohra, Member (T) 1. This is a petition filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ased payment of ₹ 1,00,000 against the outstanding of ₹ 5,00,000 and had requested for time to make the balance payment of ₹ 4,00,000, therefore, the petition filed by the applicant is completely unfounded. The CD in its reply has not raised any dispute by OC. It is pertinent to mention here that the CD has not raised objection against the principal amount of OC. Further, CD has not claimed that there is any preexisting dispute between the parties. 3. Heard the parties and perused the case records. 4. The provisions pertaining to filing a petition for initiation of CIRP by OC are given under Section 9 of IBC. Before filing of Section 9 petition, the OC shall issue demand notice under Section 8 of the IBC. Section 8 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice or invoice demanding payment under sub-section (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under sub-section (2) of section 8, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process. (2) The application under sub-section (1) shall be filed in such form and manner and accompanied with such fee as may be prescribed. (3) The operational creditor shall, along with the application furnish- (a) a copy of the invoice demanding payment or demand notice delivered by the operational creditor to the corporate debtor; (b) an affidavit to the effect that there is no n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeding pending against any resolution professional proposed under sub-section (4), if any. (ii) reject the application and communicate such decision to the operational creditor and the corporate debtor, if- (a) the application made under sub-section (2) is incomplete; (b) there has been payment of the unpaid operational debt; (c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility; or (e) any disciplinary proceeding is pending against any proposed resolution professional : Provided that Adjudicating Authority, shall before rejecting an applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l.com; M: 9873981462) who has given consent in Form 2 (Pg 21) and has declared that there are no disciplinary proceedings pending against him. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15, 17 and 18 of IBC and file his report within 30 days. 8. In pursuance of Section 13 (2) of IBC, we direct that public announcement shall be made by the IRP within 3 days with regard to admission of this petition under Section 7 of IBC. 9. We also declare a moratorium in terms of Section 14 of IBC. The necessary consequences of imposing the moratorium flow from the provisions of Section 14 (1) (a), (b), (c) (d) of IBC. Thus, the following prohibitions are imposed: a) the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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