TMI Blog2021 (10) TMI 1326X X X X Extracts X X X X X X X X Extracts X X X X ..... tor is not an Operational Debt. The Operational Creditor has succeeded in establishing the default on the part of Corporate Debtor in making payment of the operational debt. The Application filed under Section 9 fulfills all the requirements of the law - Application admitted - moratorium declared. - (IB)-556(ND)2020 - - - Dated:- 13-10-2021 - DR. DEEPTI MUKESH, HON BLE MEMBER (J) AND SHRI L. N. GUPTA, HON BLE MEMBER (T) For the Operational Creditor: Tushar Thareja, Advocate For the Corporate Debtor: None ORDER PER SHRI L. N. GUPTA, MEMBER (T) The present Petition has been preferred under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity IBC, 2016 ) read with Rule 6 of the Insolvency and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, the Operational Creditor has claimed interest for the period from 10.08.2018 to 31.12.2019 @ 2% per month, which amounts to Rs. 88,77,455.49. Thus, the total debt claimed by the Applicant aggregates to Rs. 3,54,54,483.49. The date of default given in the application is 10.08.2018. 7. That the Operational Creditor has placed on record, the copy of the Ledger Account depicting the list of unpaid invoices and part payments received from the Operational Creditor. The scanned copy of the same is reproduced overleaf : 8. That it is submitted by the Operational Creditor that since the Corporate Debtor did not make the due payment, it had issued a Demand Notice dated 23.12.2019 under Section 8 of IBC, 2016 at the registered office of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perational Creditor is not an Operational Debt. 12. Hence, in the facts and circumstances of the case as narrated above, we are of the view that the Operational Creditor has succeeded in establishing the default on the part of Corporate Debtor in making payment of the operational debt. The Application filed under Section 9 fulfills all the requirements of the law. Therefore, we admit the Application in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of provisions of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14(1) (a), (b), (c) (d), the following prohibitions are imposed, which must be followed by all and sundry: (a) The instituti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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