2017 (8) TMI 1546

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....olvency and Bankruptcy Code. 2. In the requisite Form, under the Head "Particulars of Operational Debt" the total Principal amount in default is stated to be   Along with interest and other costs the total amount is stated to be 13,76,525/- excluding Taxes as may be applicable. 3. Further under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as M/S. S. N. Plumbing Private Limited having Registered office at, 0m Arcade, Office no. 56/71, Plot no. 1, Sector 20, near Turbhe Railway Station, Turbhe(W), Navi Mumbai - 400705. 4. Learned Counsel of the Petitioner has described the "Nature of the Debt" that, the Corporate creditor had supplied pipe fittings, Safety Helmets, Screw Spanner, Paints....

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....atement of bank account of the Operational Creditor stating that, in the account of the Operational Creditor no payment has been received by the Corporate Debtor from 17th Jul, 2017 till date of the certificate i.e. 31st July 2017. 11. The non-appearance or non-communication of the Corporate Debtor has thus established that it has nothing to say in defence in respect of the impugned outstanding amount. 12. FINDINGS :- Considering the above facts, it is established by the Operational Creditor that the nature of Debt is an "Operational Debt" as defined under section 5(21) of the Definitions under The Code. It has also been established that admittedly there was a "Default" as defined under section 3(12) of The Code on the part of the Cor....

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....m the date of order shall be applicable by prohibiting institution of any Suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 17. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 18. That the Inter....