TMI Blog2022 (1) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor is situated in Ludhiana, Punjab and therefore, this Tribunal has jurisdiction to entertain and try this petition. Time Limitation - HELD THAT:- The default occurred from 25.05.2017 and the petition is filed on 01.03.2019, hence the debt is not time barred and the petition is filed within the period of limitation. The present petition is complete and the petitioner is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt. In the backdrop of above facts and records, the present petition is liable to admitted, in terms of Section 9(5) of IBC, 2016. - Petition admitted - moratorium declared. - CP (IB) No.171/Chd/Pb/2019 - - - Dated:- 22-12-2021 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) And HON BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) For the Petitioner/Operational Creditor : 1. Mr. Harsh Garg, Advocate 2. Mr. Pulkit Goyal, Advocate For the Respondent/Corporate Debtor : None JUDGMENT Per : Harnam Singh Thakur, Member (Judicial) The present petition is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 (f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable on master data on 02.07.2019 and the same did not bounce back as per the affidavit of service filed by the petitioner. 8. It may be noted that in spite of several opportunities given none appeared on behalf of the corporate debtor nor any reply is filed and the right to file reply had been forfeited vide order dated 13.02.2020. Thus, the matter has been heard ex parte. 9. The petitioner has filed its bank statement (Annexure-5) that the amount claimed or any part thereof, the petitioner has neither received nor had any person, on its behalf who received in any manner the amount due towards Corporate Debtor as required under Section 9(3)(c) of I B Code nor received any notice of dispute raised by the corporate debtor under Section 9(3)(b) of the IBC, 2016. 10. The registered office of corporate debtor is situated in Ludhiana, Punjab and therefore, this Tribunal has jurisdiction to entertain and try this petition. 11. The default occurred from 25.05.2017 and the petition is filed on 01.03.2019, hence the debt is not time barred and the petition is filed within the period of limitation. 12. In the given facts and circumstances, the present petition is complete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even after demand made by the Operational Creditor. 17. As a consequence of the petition being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Respondent prohibiting proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in vogue. 14. Moratorium (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: - (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing off by the corporate debtor any 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 corporate debtor in respect of its property including any action under th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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