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TMI Blog2019 (11) TMI 1723X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground that the Corporate Debtor committed default to the extent of Rs. 4,90,01,183/-, as provided under Section 9 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that the Petitioner and Corporate Debtor have been doing business with each other for buying and selling gold bars. The invoices raised by the Petitioner were duly acknowledged by the Corporate Debtor. The invoices were paid on account vide bank payments. The Petitioner annexed invoices (Annexures B1 to B7 and C1 to C39) raised by them demanding payments from Corporate Debtor. The Corporate Debtor has confirmed the balance outsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ides. The counsel of the Petitioner relied on the confirmation of the balance given by the Corporate Debtor. The counsel for Corporate Debtor argued that there is no liability of payment of amount to the Petitioner, the notice issued by the Petitioner is not a valid notice. 7. Admittedly, there is a confirmation of debt on 12.02.2019 by the Corporate Debtor, which shows that there is an unpaid amount of Rs. 4,90,01,183/- outstanding payable to the Petitioner which has not been repaid, and the Corporate Debtor has not denied the issuance of the confirmation of balance. If there was no liability, why was the confirmation of balance dated 12.02.2019 issued by the Corporate Debtor. Hence debt and default are proved. 8. One Mr. Nandkishor Vish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) that the order of moratorium shall have effect from 13.11.2019 till the completion of the CIRP or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under section 33, as the case may be. (e) that the public announcement of the CIRP shall be made immediately as specified under Section 13 of the Code. (f) that this Bench hereby appoints Nandkishor Vishnupant Deshpande residing at E- 19, SBI Colony, Kumud Nagar S.V. Road, Goregaon (W) Mumbai-400104; having Registration No. IBBI/IPA-001/IP-P01399/2018-19/12181 as Interim Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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