TMI Blog2021 (10) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor's right to file reply was forfeited. The counsel appearing for the Financial Creditor invited the attention of this Tribunal to the relevant documents filed in proof of debt and default in support of company petition. Since the Respondent/Corporate Debtor did not file any reply, the claim of the Financial Creditor remains unchallenged. There are no valid grounds warranting the rejection of the above Company Petition as the debt and default are clearly established and the debt is also within limitation. Thus, the present Company Petition satisfies all the necessary requirements for admission. Petition admitted - moratorium declared. - C. P. No. 3978/IBC/MB/2019 - - - Dated:- 8-10-2021 - Hari Venkata Subba Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bjection, complaint and/or demur. 5. The total amount of the invoices so raised is ₹ 83,36,557/-. The Corporate Debtor Company has paid an amount of ₹ 45,00,000/- till 11.06.2019 in two instalments after that stop paying any amount to the Operational Creditor, therefore balance outstanding amount is ₹ 38,36,557/-. 6. The Operational Creditor submits that by e mail dated 23.09.2019 issued by Mahesh Toshniwal of the Corporate Debtor, the Corporate Debtor has assured to send the schedule to make the payment by week, however the Corporate Debtor did not make any payment nor sent the schedule to make the payment. 7. The Operational Creditor further submits that due to persistent default of the Corporate Debtor to make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar that despite repeated commitment and assurance given by the Corporate Debtor to the Operational Creditor, the Corporate Debtor is unable to pay its operational debt and therefore liable to be wound up/liquidated in accordance with law. FINDINGS 12. This Company petition is filed by MCT Cards Technology Pvt. Ltd. (hereinafter called Operational Creditor ) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against TMW Fintech Pvt. Ltd. (hereinafter called Corporate Debtor ) by invoking the provisions of Section 9 Insolvency and Bankruptcy Code (hereinafter called Code ) read with Rule 6 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for a Resolution of Operational Debt of ₹ 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as listed on board on 12.08.2021, and on that day the Corporate Debtor further requested the extension of time for filing reply which was refused by this Bench. 17. The Bench notes that the ample opportunity was given to the Corporate Debtor to file its reply. However, the Corporate Debtor failed to file reply before this Bench. 18. The Bench further notes that till the date of the final hearing the Corporate Debtor did not choose to file any reply contesting above Company Petition and also did not comply the order dated 01.03.2021 wherein he was directed to file reply. Therefore, the Corporate Debtor's right to file reply was forfeited. 19. Heard the counsel appearing for the Operational Creditor. The counsel appearing for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oned under the Insolvency Bankruptcy Code, 2016. c. The Operational Creditor shall deposit an amount of ₹ 2 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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