9911796707
TMI Blog2022 (5) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... cy Code, 2016 (hereinafter referred to as "IBC") to initiate Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") against M/s. P.G Silk Mills Pvt. Ltd. (hereinafter referred to as "the Corporate Debtor") on a ground that Corporate Debtor committed default in paying an Operational Debt to the tune of Rs. 15,20,526/-. 2. It is noted that in view of the order dated 22.11.2019 passed by the Hon'ble NCLT, Principal Bench, New Delhi, in Oriental Bank of Commerce vs. M/s. Sikka Papers Ltd. & Ors. the Applicant has impleaded MCA as Respondent No. 2 in the present application. However, the Hon'ble NCLAT vide order dated 22.05.2020 had set aside the said order of Hon'ble NCLT Principal Bench. In view thereof, the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor admitted that the amount claimed in the application towards unpaid bills are payable by them. No dispute has been raised by them relating to supply of goods by Operational Creditor. 7. We have heard the Ld. Counsel for the Applicant as well as Ld. Counsel for the Respondent and perused the materials available on record. It is noted that the Operational Creditor has supplied the goods to the Corporate Debtor and raised the invoices of Rs. 15,20,526/-. It is also noted that the demand notice under Section 8 of IBC was also sent to the Corporate Debtor, the Corporate Debtor replied to the demand notice but did not clear the claim amount to the Operational Creditor. The corporate Debtor in its reply dated 12.03.2020 has clearly admit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14(1) of the Code. a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority directs the IRP to make public announcement of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1) (b) of the Code. 7) It is further directed that the supply of goods/service to the Corporate Debtor Company, it continuing, shall not be terminated or suspended or interrupted during moratorium period. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor is directed to pay an a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
