TaxTMI 
TaxTMI 
2018 (5) TMI 643
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.... (in short, 'I&B Code, 2016') r/w Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code). 2. It is on record that before filing the Application, notice was sent to the registered office of the Corporate Debtor that was served. The matter got listed on 16.02.2018 but there was no representation on behalf of the Corporate Debtor. In order to make compliance with the principles of natural justice, this Adjudicating Authority vide Order dated 16.0....
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.... and details of Invoices, to which the Corporate Debtor has not sent any reply. 5. The Counsel for the Operational Creditor has also referred to the balance sheet for the year ending 31.05.2016 filed by the Corporate Debtor that reflects Rs. 53,573,132/- as Trade Payables under the head "Current Liabilities", copy of which is placed at page 72 of the typed set filed with the Application. 6. The Operational Creditor has complied with Section 9(3)(b)&(c) of the I&B Code, 2016, by filing Affidavit, which is placed at pages 6 to 8 of the typed set filed with the Application, wherein, under para 5, it has been deposed that the Operational Creditor has not received any notice of dispute regarding the pending amount from the Corporate Debtor. Th....
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....ancial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. 9. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) of section 14 shall not apply to such transactions, as notified by the Central Government. 10. The Operational Creditor has not proposed the name of IRP, therefore, Mr. Tharuvai Ramachandran Ravichandran is appointed as IRP, whose name appears in the Panel of Insolvency Professionals recommended by the IBBI. There is no disciplinary proceedings pending....