2019 (3) TMI 51

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.... brevity 'the Rules') with a prayer for initiation of Corporate Insolvency process in respect of Respondent corporate debtor. 2. The applicant Holy-Land Marketing Private Ltd., engaged in the business of providing services of Custom Clearance, global freight forwarding and consulting in Delhi. 3. The Respondent Laksh Food Private Limited is a company incorporated on 25.06.2012 under the Companies Act, 1956 having its registered office at Shop No. 1 SFS DDA Market Phase IV Ashok Vihar New Delhi- 110052. 4. It is the case of the applicant that the applicant and respondent agreed for distribution of packaged perishable food products. Since 2012 the applicant is supplying goods to the respondent on its demand and raised various invoi....

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....e respondent company and therefore clearly comes within the definition of Operational Creditor Similarly the claim of outstanding payments to applicant comes within the definition of Operational Debt. There being default in payment of claimed amount, and the respondent has failed to establish the fact that there is a pending dispute between the parties, such application deserves to be admitted for triggering Corporate Insolvency Resolution Process against the respondent corporate debtor. 10. In the aforesaid background we are satisfied that the present application is complete and there has been default in payment of dues by the respondent. Therefore, on fulfilment of the requirements of section 9(5)(i)(a) to (d) of the Code, the present ap....

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....ate Debtor and may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition as per the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 14. The Interim Resolution Professional shall perform all his functions contemplated inter alia, by sections 15, 17, 18, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected with ....