TMI Blog2022 (4) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... ehalf of the Corporate Debtor last appeared on 13.02.2020 and undertook to file vakalatnama and affidavit-in-reply. However, none appeared on behalf of the Corporate Debtor since then. Neither any reply has been filed by the Corporate Debtor even after receiving Court Notices. The matter was set ex-parte on 30.11.2021. The present petition made by the Operational Creditor is complete in all respect as required by law. The petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default is more than the minimum amount stipulated under section 4(1) of the Code, i.e., Rupees one lakh, at the relevant time, and since there is no preexisting dispute, there is no defence available to the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor within seven days from the date of receipt of such invoices. 5. In the course of service, several invoices dated 15.09.2018, 29.09.2018, 15.10.2018, 30.10.2018, 15.11.2018 and 30.11.2018 were raised by the Operational Creditor. The Operational Creditor sent several notices/letter to the Corporate Debtor asking for clearance of the outstanding dues. 6. On receiving no payment from the Corporate Debtor, the Operational Creditor issued a statutory demand notice dated 16.05.2019 to the Corporate Debtor demanding for the outstanding dues. 7. Pursuant to such notice, the Corporate Debtor vide its letter dated 24.05.2019 replied to the Operational Creditor. In their letter the Corporate Debtor stated that they are willing to pay t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting dispute, there is no defence available to the Corporate Debtor in these circumstances. 12. It is, accordingly, hereby ordered as follows:- a. The application bearing C.P. (IB) No. 1530/KB/2019 filed by Satyam Traders, the Operational Creditor, under section 9 of the Code read with rule 4(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against Subhlaxmi Compusis Private Limited, the Corporate Debtor, is admitted. b. There shall be a moratorium under section 14 of the IBC. c. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... teps will follow. g. The IRP/RP shall submit to this Adjudicating Authority progress reports with regard to the progress of the CIRP in respect of the Corporate Debtor. h. The Operational Creditor shall deposit a sum of ₹ 3,00,000/- (Rupees Three Lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). i. In terms of section 7(5)(a) of the Code, Court Officer of this Court is hereby directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post, email and WhatsApp immediately, and in any case, not later than two days from the date of this Order. j. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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