2019 (2) TMI 885

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....y Mr. Ram Bheer Singh, as the proprietor of the Operational Creditor (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against M/s Stride Autoparts Limited (for brevity 'The Company'). 2. The principal place of business of applicant is at 6/107, UIT Colony, Bhiwadi- 301019, District Alwar, Rajasthan. 3. The Respondent is the company incorporated on 26.11.2010 under the provisions of Companies Act, 1956 with CIN No. U34300DL2010PLC210810. 4. The company is having its registered office at F-16, Treveni Commercial Complex, Sheikh Sarai- I, New Delhi- 110017. 5. The Authorized Share Capital of the company is Rs. 4,70,00,000/- and Paid Up Share Capital of the company is Rs. 4,68,38,220/- as per Mast....

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.... Rs. 33,04,645/- along with the interest at 18% till the payment. 10. The Applicant from time to time requested the Company to clear the outstanding amount, despite various reminders the respondent company has failed to honour its commitment and failed to pay the unpaid debt of the Applicant. Since no payment was forthcoming hence a notice under Section 8 of the Insolvency and Bankruptcy Code dated 31.05.2018 was issued on the Company. 11. In response to the demand notice sent under Section 8 of the Code, the Corporate Debtor vide its reply dated 12.06.2018 has duly admitted its liability towards the Operational Creditor. The Corporate Debtor has time and again cited its financial difficulty in arranging the funds to make the payment.....

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....court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. 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 the possession of the corporate debtor. However, during the pendency of the moratorium period in terms of Section 14(2) and 14(3) as extracted her....