9911796707
TMI Blog2022 (9) TMI 947X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. The Corporate Debtor, namely, Jewel Garments Private Limited, is a Company incorporated on 02.11.2007 under the provisions of Companies Act, 1956 with CIN No. U17291HR2007PTC037361 with its registered office at Plot No. 29, DLF Industrial Area, Phase II, Faridabad, HR-121003, IN. Hence, the territorial jurisdiction lies with this Adjudicating Authority. Copy of master data of corporate debtor is attached with the main petition and marked as Annexure A-1. 3. The facts of the case, briefly, as stated in the petition are that the Corporate Debtor is engaged in the business of manufacturing of clothing and textile. Operational Creditor entered into an agreement dated 02.07.2019 with the Respondent/ Corporate Debtor for development of the website for the purpose of trading garments and textiles produced by the Corporate Debtor. The Operational Creditor raised two invoices bearing invoice no. DOM-29 and DOM-35 dated 06.08.2019 and 29.08.2019 for a total amount of Rs. 21,13,000. 4. It is submitted by the petitioner in Form 5, Part IV that the amount claimed to be in default is Rs. 21,13,000/- and the default occurred on 13.09.19 i.e. after lapse of fifteen days from the date of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice has been duly served. However, reply was received to the demand notice sent through e-mail, whereby the corporate debtor admits the liability by stating, to close the project as it is where basis and to excuse from the payments as they do not have sufficient funds. 11. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. It is deposed by petitioner that the operational creditor affirms that the corporate debtor has not given any notice raising dispute relating to the unpaid amount of operational debt as claimed in the application. The same has been inferred from the affidavit in terms of Section 9(3)(b) of I&B Code, 2016. The affidavit is attached with the main petition from page 59 to 61. It implies that there is no pre-existing dispute in relation to the debt claimed as per Part IV of Form 5. Moreover, the corporate debtor in its reply stated that the amount claimed is not denied and the respondent is not in a position to repay the debt in question. Therefore it is evident from above that the present petition is of admitted liability. 12. The other issue for consideration is whether this application is filed within limit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as below. 16. We declare the moratorium in terms of sub-section (1) of Section 14 of the Code, as under:- 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 Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002; d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. It is further directed that the manufacturing of clothing and textiles produced by corporate debtor or its business as may be specified, shall not be terminated or suspended or interrupted during moratorium period. The provisions of Section 14(3) shall however, not apply to such transactions as may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. This Adjudicating Authority further directs that the Interim Resolution Professional should also make all efforts simultaneously to retrieve the required information from the computerized data of the corporate debtor from the systems handed over to IRP after initiation of CIRP. For retrieving relev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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