2018 (9) TMI 943

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....al creditor, i.e. M/s Butterfly Appliances. For initiation of Corporate Insolvency Resolution Process against the Respondent/ Corporate Debtor Company "M/s. SRK Kitchen Appliances Pvt. Ltd. 2. The Respondent/Corporate Debtor "M/s SRK Kitchen Appliances Pvt. Ltd." is a Company Incorporated on 22/08/2013 under the provision of Companies Act, 2013, bearing Identification Number U28996UP2013PTC076111. The Authorised Share Capital of corporate debtor company is 50,00,000/- (Fifty Lakh Only), and Paid-up Share Capital is Rs. 50,00,000/- (Rupee Four Crore Eighty-Seven Lakh Seven Thousand Only). It is involved in business of Manufacture of kitchen appliances and other fabricated metal products. 3. Brief facts related to petition are as follow....

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....dress, but no notice of dispute has been issued by the corporate debtor. (Copy of Demand Notice and invoices is annexed as Exhibit- A & F in the application). (b) Further, in compliance to section 9(3), (b) Operational Creditor has annexed an affidavit stating that they have not received notice of dispute or reply to the demand notice dated 19.03.2018 by Corporate Debtor ( Affidavit is annexed and marked as Exhibit O.) (c) In compliance of the statutory provision of section 9(3)(c), the operational creditor has filed the bank statement of the account where deposits are made, or credits normally received by the operational creditor, to show that outstanding debt amount mentioned above has not been received by the operationa....

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....receiving the demand notice U/S. 8 (1) of I B Code and default on the side of the respondent stand proved in this case. The petitioner is therefore found entitled to initiate corporate insolvency resolution process as against the Respondent. 9. Further, it is also matter of record that Operational Debt owed by Corporate Debtor is of more than One lakh Rupees. The Corporate Debtor failed to file any reply or raise any dispute within ten days from the date of receipt of Demand Notice, as mandated under section 8 (2)(a) of the Code. There is no evidence of existence of dispute between Operational Creditor and Corporate debtor regarding outstanding debt. 10. The Petitioner, in this case, has complied with section 9 (3) (b) and 9(3)(c), an....

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....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 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 by or in possession of the corporate debtor. (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 the 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....