TMI Blog2022 (1) TMI 570X X X X Extracts X X X X X X X X Extracts X X X X ..... ase for admission of the present petition and initiation of CIRP against the Corporate Debtor - application admitted - moratorium declared. - C.P. (IB) No. 1270/KB/2019 - - - Dated:- 7-1-2022 - Rohit Kapoor, Member (J) And Harish Chander Suri, Member (T) For the Appellant : K.C. Garg and Dilawar Khan, Advs For the Respondents : Urmila Chakraborty and Pranav Sharma, Advs ORDER Harish Chander Suri, Member (T) 1. The Court is convened by video conference today. 2. This petition under section 9 of the IBC has been filed by M/s. Marotia Steel Traders Private Limited, (CIN U27109WB2006PTC108839), a corporate entity, having its registered office at No. 62/D/2, J.N. Mukherjee Road, Ghusuri, Howrah-711107, West Bengal (hereinafter referred as the Operational Creditor), through Mr. Rajesh Kumar, authorised vide Board Resolution of the Operational Creditor in the meeting dated 1st July, 2019 seeking initiation of corporate insolvency resolution process in respect of M/s. S.B. Ispat India Private Limited, (CIN: L27209WB1983PLC035920) having its Registered office at No. 10/27, Guha Road, P.O. Ghusuri, Howrah-711107, West Bengal (hereinafter referred as the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was duly served but no reply to the same has been received by the Operational Creditor. 6. The Operational Creditor has also filed affidavit under section 9(3)(b) of the Code and the Bank Statement of Kotak Mahindra Bank. 7. The Operational Creditor has annexed the statement of its Bank account number Marotia Steel Traders Private Limited, Account No. 551044038930, Kotak Mahindra Bank . 8. The Operational Creditor has annexed copies of the following documents to support its claim, which as under:- i. Copy of the company master Data of the Operational Creditor, as downloaded from the website of the Registrar of Companies, Department of Affairs, Government of India, is annexed as Annexure-A to the petition. ii. Copy of the company Master Data, as downloaded from the Website of the Registrar of Companies, Department of Affairs, Government of India, is annexed as Annexure-B to the petition. iii. Copy of the Board Resolution is annexed as Annexure-C to the petition. iv. Copy of Invoices are annexed as Annexure-D (colly) to the petition. v. Copy of the Ledger Account maintained by Marotia Steel Traders Limited pertaining to the Account of S.B. Ispat In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s made in the petition and also denied that any sum of ₹ 8,22,800/- or any part thereof is due or outstanding or payable to the Operational Creditor. 12. During the Course of arguments, Ld. Counsel for the Operational Creditor has taken us through all the documents placed on record including the Tax Paid Invoices and the Ledger Account of Corporate Debtor maintained in the books of the Operational Creditor. Ld. Counsel has further shown us the Bank Statement, Demand Notice dated 1st July, 2019 demanding the outstanding dues from the Corporate Debtor specifically calling upon the Corporate Debtor to bring to the notice of the Operational Creditor the existence of a dispute if any, or payment of unpaid debt. (in default), it should provide the same within 10 days of receipt of the letter, or record of any pendency of the suit or arbitration proceedings in relation to such dispute filed before the receipt of the letter/notice. It is further mentioned in the Demand Notice that if the debt has been repaid before receipt of the letter, they should demonstrate such repayment by sending it to the Operational Creditor within 10 days of receipt of the Demand Notice. 13. For the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tiation of CIRP against the Corporate Debtor. We have thus no hesitation to admit this petition with the following orders: ORDERS i) The application filed by the Operational Creditor under Section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, is hereby admitted. 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 against the Corporate Debtor including execution of any judgment, decree or order in any court of law, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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