Tribunal Admits Insolvency Application, Imposes Moratorium

The Tribunal admitted the Application under Section 9 of the Insolvency & Bankruptcy Code 2016, filed by the Operational Creditor against the Corporate Debtor. The Interim Resolution Professional was appointed, imposing a moratorium on the Corporate Debtor as per Section 14(1) of the Code. The moratorium period would last until the completion of the Corporate Insolvency Resolution Process. The Operational Creditor was directed to pay expenses to the Interim Resolution Professional. The Application was admitted, and the moratorium took immediate effect, with orders communicated to relevant parties and authorities.

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Issues Involved: Application under Section 9 of the Insolvency & Bankruptcy Code 2016 against a Corporate Debtor.

Detailed Analysis:

1. Parties and Application Details:
- The Application was filed by M/s. NTC Logistics India (P) Ltd. as the Operational Creditor against M/s. Canadian Crystalline Water India Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code 2016.
- The Application disclosed particulars of both parties, including details of incorporation, authorized share capital, and unpaid operational debt.

2. Operational Debt Details:
- The Operational Creditor provided services to the Corporate Debtor, including transportation, logistics, and customs services, with outstanding invoices totaling Rs. 3,94,308.
- Legal notices were exchanged regarding payment, but the Corporate Debtor failed to respond or make any payments.

3. Compliance and Affidavits:
- The Operational Creditor issued a Demand Notice as per Sec. 8 of the I&B Code, 2016, demanding repayment within 10 days, which went unanswered by the Corporate Debtor.
- Affidavits were filed by the Operational Creditor, confirming non-receipt of payments or disputes, along with a certificate from Kotak Bank regarding non-receipt of payments by cheque.

4. Admission of Application and Appointment of IRP:
- The Tribunal admitted the Application, initiating Corporate Insolvency Resolution Process.
- Mr. B. Sathrukkanan was appointed as the Interim Resolution Professional based on the list provided by the Insolvency and Bankruptcy Board of India.

5. Moratorium and Essential Provisions:
- The moratorium under Section 14(1) of the Code was imposed on the Corporate Debtor, restricting actions like suits, asset disposal, and recovery during the resolution process.
- Essential goods or services supply to the Corporate Debtor was protected during the moratorium period.

6. Duration and Financial Obligations:
- The moratorium period's duration was specified until the completion of the Corporate Insolvency Resolution Process.
- The Operational Creditor was directed to pay Rs. 2,00,000 to the Interim Resolution Professional for expenses related to the resolution process.

7. Final Orders and Communication:
- The Application was admitted, and the moratorium came into effect immediately.
- Orders were communicated to the parties, the Interim Resolution Professional, and the Insolvency and Bankruptcy Board of India for records.

This detailed analysis covers the key aspects of the judgment, including the application details, operational debt, compliance, appointment of IRP, moratorium provisions, financial obligations, and final orders issued by the Tribunal.

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