TMI Blog2018 (5) TMI 2100X X X X Extracts X X X X X X X X Extracts X X X X ..... ptcy Code are duly complied with and the application is complete - Corporate Debtor despite repeated service has not appeared before this Tribunal and existence of a default of debt due to the Applicant is established. The Tribunal is of the considered view that this application requires to be admitted and that CIRP process is required to be initiated against the Corporate Debtor. Application admitted - moratorium declared. - (IB)-44-7(ND)/2018 - - - Dated:- 31-5-2018 - DR. DEEPTI MUKESH, MEMBER (JUDICIAL) For the Applicant Mr. Yatin Sachdeva, Mr. Sameer Rastogi Mr. S. Sarfaraz, Adv. For the Respondent JUDGMENT 1. The instant application has been filed under the provisions of Section 9 of Insolvency and Bankrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18 for the said returned iron scrap. After adjustment of on account payments and invoices for supply/ return of old iron scrap there is an overdue outstanding of ₹ 2,54,84,828/-. 6. The Applicant from time to time requested the Corporate Debtor to clear the outstanding amount, however, Corporate Debtor failed to pay the balance amount due to the Applicant. Since no payment was forthcoming the Applicant issued notice under Section 8 of the Insolvency and Bankruptcy Code on 19.03.2018 to the Corporate Debtor. 7. Despite receipt of the notice of demand sent u/s 8 of the IBC, the company has failed to pay the amount demanded and also has not replied to the demand notice raising any dispute, as a consequence this application, seeking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor. 15. The Applicant has proposed the name of any IRP Mr. Praveen Bansal r/o J-347, Block J, Sarita Vihar, New Delhi, having mail id. - pkbansalOOQ@gmail.com is duly registered with Insolvency and Bankruptcy Board of India and having registration No. IBBI/IPA-00 1 /IPP00175/2017-18/10344, be and is hereby appointed as an Interim Resolution Professional. 16. In pursuance of Section 13(2) of the IBC, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 9 of the IBC. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) and as ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under subsection (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 17. Based on the above terms, the Application stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this date. A copy of the order shall be communicated to the Applicant as well ..... X X X X Extracts X X X X X X X X Extracts X X X X
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