TaxTMI 
TaxTMI 
2017 (12) TMI 972
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.... : Vikrant Mahajan Director ORDER PER SMT. INA MALHOTRA, MEMBER (J) This petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as Code). The petitioner has claimed to be an Operational Creditor and has prayed for an initiation of Corporate Insolvency Resolution Process against the Respondent Corporate Debtor who has failed to make payments....
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.... the Code. The same was not replied to. Due Compliance of the mandatory provisions of Section 9(3) (a) (b) (c) has been made. The Operational Creditor has filed the statement of its ledger accounts reflecting the debit and credit balances as well as the annual balance confirmation statement by the Corporate Debtor. The balance of as Rs. 5,55,14,360/- has been duly confirmed by the Corporate Debtor....
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....g complied with all other requirements under the Code, there is no impediment in admitting the petition. The petition is therefore Admitted. A moratorium in terms of Section 14 is accordingly imposed as under:- "14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the fo....
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....r. (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from....