TMI Blog2022 (4) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... t clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 3882/MB/C-II/2019 - - - Dated:- 24-3-2022 - P.N. Deshmukh, J. (Member (J)) And Shyam Babu Gautam, Member (T) For the Appellant : Snehal Kamdar, PCA For the Respondents : Nitesh S. Nevshe, Advocate ORDER Shyam Babu Gautam, Member (T) 1. This is a Company Petition filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... standing amount has also claimed interest of ₹ 4,57,559/- (Rupees Four Lakhs Fifty-seven Thousand Five Hundred Fifty-nine only) on delayed payment. 5. The Operational Creditor served upon the Corporate Debtor a demand notice dated 09.10.2018 under section 8 of Insolvency and Bankruptcy Code, 2016 at Flat No. 16, Building No. D, Kumar Classic, Aundh, Pune - 411 007. Pursuant to service of notice, the Operational Creditor has filed the present Petition stating date of default as 24.05.2019. 6. The Corporate Debtor through the affidavit in reply dated 20.01.2022 filed by its learned Counsel before this Tribunal as reply to the application of the Operational Creditor has not disputed the facts in para 4 above. Reply Submitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f CA Manilal Parsiya, Registration No. IBBI/IPA-001/IP-P00215/2017-18/10415 as IRP, upon scrutiny it is found that CA Manilal Parsiya does not hold valid Authorisation for Assignment therefore can not be appointed as IRP. 13. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 14. The petition b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ratorium period; ii. That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; 17. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. 18. Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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