2017 (11) TMI 1716

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..... K. MOHAPATRA, MEMBER (T) For the Petitioner (s): Mr. Anuj Mirdha, Advocate For the Respondent (s): None ORDER AS PER SMT. INA MALHOTRA, MEMBER (J) 1. The petitioner, a private limited company, has filed this application u/s 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'Code') claiming to be an Operational Creditor. As per the averments made, th....

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....orised to initiate the present proceeding vide a Board Resolution. The notice, which was annexed with the required invoices and other document, remained unreplied. The petitioner has maintained a ledger account reflecting the statement of debit and credit in respect of their dealings with the Corporate Debtor. 3. The Bankers of the Operational Creditor viz. Standard Chartered, vide their letter....

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....esistance. From the facts of the case, this Bench is satisfied that the Operational Creditor is entitled to initiate the Insolvency Resolution Process against the Corporate Debtor for non payment of its dues. This petition u/ s 9 of the Code is therefore Admitted. 6. A moratorium in terms of section 14 of the Code is being issued prohibiting the following: (a) Institution of suits or continu....

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....ssential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (b) The provisions of sub-section (1) of section 14 of the Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 8. The Financial Creditor has also proposed th....