TMI Blog2021 (12) TMI 906X X X X Extracts X X X X X X X X Extracts X X X X ..... on 8 of the Act raising any pre-existing dispute if they had any but they have missed the golden opportunity by not replying to the notice under section 8 of the IBC. The Operational Creditor has a good case. In this petition also the Corporate Debtor has not either appeared or opted to file any reply through its authorised representative. So on both these counts, the Corporate Debtor has failed to defend itself - there is no hesitation in accepting and admitting the petition and order initiation of CIRP against the Corporate Debtor in this matter. Application admitted - moratorium declared. - C. P. (IB)/1818(KB)2019 - - - Dated:- 9-12-2021 - Rohit Kapoor, Member (J) And Harish Chander Suri, Member (T) For the Appellant : Sou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd out of the said amount the goods for value of ₹ 9,33,892/- were supplied by the Corporate Debtor instead of the total quantity agreed to be supplied to the tune of ₹ 32,51,221/- for which the advance payment has been given by the Operational Creditor. It is further submitted by the Operational Creditor that in spite of repeated requests made by the Operational Creditor, the Corporate Debtor has failed and neglected to supply the remaining quantity of goods and ultimately agreed to return the said balance advance paid to them i.e. ₹ 23,17,239/- along with the interest. 5. It is submitted that the Operational Creditor has issued/exchanged a number of emails, and letters to the Corporate Debtor including the one sent on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Operational Creditor has filed an affidavit under section 9(3)(b). In Para 2 of the affidavit, it has been stated that no notice was served by the Corporate Debtor raising or existence of any dispute as regards the operational debt due to the Operational Creditor by the Corporate Debtor. 9. The Operational Creditor has enclosed the copy of the Bank Statement indicating that the advance money had been paid in part, of which was adjusted against the goods received from the Corporate Debtor and for the remaining amount, the Corporate Debtor has failed to refund. 10. This is a clear cut case, in which the Corporate Debtor should have either supplied goods or refunded the amount or at least replied to the notice under section 8 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) Ms. Meera Prasad registered with Insolvency and Bankruptcy Board of India, having Registration No. IBBI/IPA-003/IP-N00278/2020-2021/13212 and holding AFA under Regulation 7-A of the IBBI (Insolvency Professionals) Regulations, 2016, is hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan subject to production of written consent within one week from the date of receipt of this order. x) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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