2018 (12) TMI 1048

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....Resolution Process (CIRP) against the Corporate Debtor on the grounds that, as on 26.09.2015, the Corporate Debtor has defaulted in making payment of Rs.4,48,18,460/- which is due for the cut and polished diamonds supplied by the Petitioner to the Corporate Debtor. 2. The Petitioner has attached the Demand notice dated 03.10.2017 demanding payment of Rs.4,48,25,910/- from the Corporate Debtor. The Petitioner has also attached corresponding tax invoices dated from 26.09.2015 to 02.05.2017 drawn upon the Corporate Debtor for supply of cut and polished diamonds, the account of Corporate Debtor maintained by the Petitioners in its Books of Accounts and bank certificate along with bank statement for the period from 26.09.2015 to 31.10.2017 to....

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....te to show that no payment has been received from the Corporate Debtor except an amount of Rs.7,450/- on 18.10.2017.The Petitioner has annexed the demand notice, sent to Corporate Debtor as per section 8 of Insolvency and Bankruptcy Code, 2016, the invoices against which it claims the outstanding amount from the Corporate Debtor as well as the Bank Statements to show that payment of the outstanding default amount is not received from the Corporate Debtor in the bank account of the Corporate Debtor. 7. The Corporate Debtor has not raised any dispute regarding the unpaid operational debt. The application made by the Petitioner is complete in all respects as required by law and it clearly shows that the operational debt has not been paid as....

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....on 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 the possession of the corporate debtor. II. It is further made clear that: III. the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. IV. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. V. That the order of moratorium shall affect 01.11.2018 till the completion of th....