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TMI Blog2022 (1) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... Kumbhat and Nitin Sharma, Advocates ORDER P.S.N. Prasad, Member (J) 1. This is an application filed by M/s. Paisalo Digital Ltd. to initiate corporate insolvency resolution process ("CIRP") against M/s. Ram Lal Kamal Raj Jewellers Private Limited under Section 7 of the Insolvency and Bankruptcy Code 2016 ("the Code") for the alleged default on the part of the Respondent in settling an amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the confirmation of accounts by the Corporate Debtor indicated the default in payment on part of Corporate Debtor. e. The Corporate Debtor defaulted in the repayment of the principle amount along with the interest at the rate of 9 percent. f. The entire liability of the Corporate Debtor including the principle amount of Rs. 16,08,850/- and the interest amounting to Rs. 7,99,352/- (at the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of the Respondent and the Respondent has not availed the opportunities provided by this Tribunal to defend the arguments made by the Applicant. In view of the above situation, this Tribunal admits this petition and initiates CIRP on the Respondent with immediate effect. 4. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: "(a) the institution of suit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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