2019 (2) TMI 1501

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ty) 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. As seen from the record, on 12.11.2018, Counsel for the Operational Creditor has submitted that the notices sent to the Corporate Debtor returned with an endorsement left without instructions', and therefore, this Authority directed the Operational Creditor to take substituted service by publication in newspapers, and the case was posted to 17.12.2018. On 17.12.2018, the Counsel for the Operational Creditor has filed proof of publication along with an Affidavit.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n. The Corporate Debtor has also acknowledged the above indebtedness for holding back goods to be supplied to the Operational creditor and liability to pay the value of the retained goods. The e-mail communication sent by the Corporate Debtor to the Operational Creditor acknowledging the debt due to the Operational Creditor is placed at page 19 of the typed set filed with the Application. 7. In view of non-receipt of the unpaid operational debt, the Operational Creditor had issued a Demand Notice dated 14.12.2017 in Form -3 and called upon the Corporate Debtor to pay the unpaid operational debt. However, the said notice was returned with endorsement "company closed". The copy of postal receipt and acknowledgement card are placed at pages 2....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 10. The moratorium is declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016. It is ordered to prohibit all of the following, namely :- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any 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 i....