TMI Blog2021 (12) TMI 738X X X X Extracts X X X X X X X X Extracts X X X X ..... aulted by the Corporate Debtor is much before the coming into effect of notification dated 24th March, 2020. Since any notification issued by the Government is generally prospective in nature unless specifically expressed, hence the said notification is not applicable to the present case. This Tribunal is inclined to admit this application and accordingly initiate the process of CIRP of the Corporate Debtor - Application admitted - moratorium declared. - IB-280/ND/2021 - - - Dated:- 10-12-2021 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Abhigya Kushwah Co. ORDER Narender Kumar Bhola, Member (T) 1. Under consideration is IB-280/ND/2021 filed under Section 9 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBC, 2016 dated 15.01.2020 was sent by operational creditor. As per section 8(2) of IBC, 2016, the Notice was supposed to be answered by the Corporate Debtor within 10 days from the date of receipt of demand notice. The item was delivered to the corporate debtor on 18.01.2020, however, the reply to the demand notice was given on 07.02.2020, which is much more than 10 days as prescribed by section 8(2) of IBC, 2016, therefore, the said reply cannot be considered. Hence, the present application is filed by operational creditor for initiation of CIR Process of Corporate debtor as it defaulted in paying debt of an amount of ₹ 27,49,090/- (inclusive of interest) up to 30.11.2020. 3. The Corporate Debtor has been given several opportuni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exed as Annexure-P9 (Colly) with the Petition. Hence, prayed that the Petition under section 9 of IBC, 2016 may be allowed and the CIR Process may be initiated of the Corporate Debtor. 5. We have perused the Petition and argument advanced by the Operational Creditor. There is clear acknowledgement of debt by the corporate debtor in email dated 15.12.2018 annexed as Annexure-P9 (Colly) with the petition. It is also pertinent to take a note that the Notification regarding the enhancement of minimum amount of default to Rs. one crore for the purpose of Section 4 was issued by the Ministry of Corporate Affairs on 24th March, 2020 and the amount defaulted by the Corporate Debtor is much before the coming into effect of notification dated 24th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny 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 respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 8. The supply of essential goods or services of the Corporate Debtor shall not be terminated, suspended or interrupted during moratorium period. The provisions of sub-section (1) of section 14 of IBC, 2016 shall not apply to such transactions, as notified by the central ..... X X X X Extracts X X X X X X X X Extracts X X X X
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